My concern is that we can forget about this kind of rulemaking to streamline capital formation...

So, with that, I am obviously concerned that we do have foreclosure counseling and it is done well.

Thank you, Chairwoman Biggert. Ms. Holston, does HUD use a competitive method to, or a merit-based system to award counseling funding?

As we sit here today, the economic health of the United States remains fragile.

I want to comply with the law. I can't read it. And I can't afford to hire an army of lawyers to come in and read it for me and then tell me what I am supposed to do.

It is not a secret that the activity and formation of the CFPB has been controversial.

I believe in markets.

I fear that actions by the CFPB that limit access to credit and increase its costs will only further damage a struggling economy.

With meager oversight, they will be left outside the window of congressional appropriations.

The chair will give a 30-minute notice, which was the ranking member's request.

We really appreciate that.

There is another question that kind of goes hand in hand with this.

Thank you for commenting on that because it is one of those things that we all deal with.

I think it is. Our priority of claims is pretty much what you have in bankruptcy.

I think transparency for derivatives is extremely important.

I think we do have the tools to end it and over time, will end it.

I think doing that in some graduated way probably makes sense.

Will you speak to my small business owners, because they are talking to their banker and they have had a relationship, they may have good cash-flow, they may be profitable and the banker is saying, the regulator won't let us lend.

additional capital requirements for large firms should be 'modest,' noting that capital levels are now extraordinarily high by historical standards

I hope today's hearing will provide an update on the implementation of these Too Big to Fail provisions.

I think that would be a good structure project for the FSOC.

It will be rules-based, it will be transparent.

I think is a problem when a government agency doesn't realize the impact they're having, because it's my constituents that are going to be paying this.

I want to ensure that my constituents have access to the lifesaving, whether it's devices or health care, medicine, or procedures possible.

So you're saying the Europeans are just in a different world when it comes to safety and soundness of medical devices, and there's no way for us to know a reasonable comparison?