We cannot let down our guard, and we must continue to meet this ongoing threat with strength and resilience.

did they have a fiduciary duty to act in the best interests of their clients.

The problem is--you brought up the FHA--I just read that the losses for that agency are actually going in the wrong direction; they're going up.

I think we can all be happy that GM is beginning to repay the money.

It really concerns me that we've yet to tackle these Government-sponsored enterprises. They played a critical role in the collapse of the economy.

it's the small businesses that are still creating the vast majority of jobs in this country.

Well, let me end this round of questioning by going back and reading you the exact words in the GM commercial that is running now, 'That is why I'm here to announce we have repaid our Government loan in full, with interest, 5 years ahead…

I think that most people listening to that ad would think that General Motors had repaid all of the taxpayers' investment into the company.

my vision was for this council to act as a systemic risk monitor for our financial markets.

Thank you, Mr. Chairman.

not a single one thought that the Federal programs that we had were helpful to them.

I think the public is being very misled.

we need to take a hard look at the effectiveness of these policies.

Thank you. I'm done.

we now all realize that our regulatory system was outmoded.

If, in fact, as the special inspector general for TARP has told me, GM has used one pot of Federal money to pay back another Federal loan, then I think it is very misleading.

Shouldn't we be tackling reform of Freddie and Fannie?

Don't you think that the impression left by that television ad and by your statement is that the taxpayers' burden has been lifted and GM has repaid all the money it owes?

So, in your view, there's absolutely no justification for treating this program differently from the other TARP program and excluding your office from conducting vigorous oversight of the program.

And when do you expect that you will present a plan for reform?

I have had a great interest in seeing the Commission establish position limits to apply to the energy markets.

I think it is really important that we try to be as inclusive.

I believe congressional oversight and accountability will suffer.

But why has there been no action for 2 years since the comment period--more than 2 years?

I think it is so important.