"I know that you mentioned back in December that you were going to help develop recommendations to address potential risks in the asset management industry."
"When you look at a lot of investors that are utilizing asset managers to invest in retirement funds and college education funds, it almost becomes a cost prohibition to have this designation."
"The American Action Forum did a study in 2014 and found that additional capital requirements on asset managers could cost American retirees at least $100,000 in potential savings accumulation."
"And so, I have some proposed legislation that has some bipartisan support that I will be filing here shortly."
"But I guess you would agree that the rule change--"
"But returning them to the Fed for regulation when it may not be their primary regulator, might not be the best way to impress this."
"But understanding the impact that it could have on our domestic insurance market if we have to impose upon them international standards, which we had a chance to preempt, had we had a little bit more ..."
"And they should take that into consideration."
"Every time the government gets in the business of business, it draws some concerns."
"And does the market not work perfectly because some of the prices that are involved in the market are competitively low and set by government?"
"I would suggest that we might want to start a 12-step process."