Jacob J. Lew: “In fairness, President Obama took office and inherited a situation that was out of control, and we are getting it under…”

The decision has never been made by the only people who can make the decision--that is the President of the United States on the advice of the Treasury Secretary--what to do.

I totally agree, and I was trying to indicate in my response earlier that the risk is being borne by taxpayers on an ongoing basis and the conservatorship is not over.

You find cases of tax avoidance, and we know when you find cases of tax avoidance, voluntary compliance goes up.

I think that one of the reasons tax reform is so hard to do is that it does impose burdens to close loopholes.