the only tool in the toolbox was the bankruptcy proposal and that was passing the cram-down bill

if the facts suggest that that part of the problem is growing larger by the day, I want to ask the structural question.

If we get that right, the need for the States to write additional regulations, in my view, becomes much less.

No. It is the customer who will make that decision.

I think that this is an area where a per account fee makes a lot of sense.

If the banks are not in a stronger financial position, they will not lend.

I was honored to testify before the COP's recent field hearing in New York City examining problems in commercial real estate.

We have to build it on reality. And reality is what those assets are really worth.

We support the special Inspector General's efforts.

The basic understanding behind Glass-Steagall was, look, we can't keep doing that. That is not going to work for us.

I appreciate the invitation to be here today on behalf of the Congressional Oversight Panel and to be as helpful to you as I can.