Bob Menendez

I think interest in Congress in this issue is important.

I truly believe, as you stated in your opening comments, that this is something that's very important to the security of citizens in this country.

I think you should be more passionate about how you feel.

Anyone else, or you all agree on that?

Let me indulge the panel just for a couple more questions, here.

This is a topic that so many people who care about how the United States conducts its foreign assistance have been concerned about for an awful long time.

I also think it is a significant challenge to ultimately achieve.

Some of them are worried that you will not take the tougher steps that are necessary, and particularly on proxy access.

I am happy to hear your answer, to be very honest with you, so I appreciate your progress there.

I appreciate that you were ready for my question.

Isn't it--when an entity is too big to fail, haven't we failed already.

But up until now, to be honest, wasn't the drive to basically say, leave the marketplace to act on its own, and if consolidation took place, so be it, under the presumption that the regulators were going to keep it in check.

The consolidation took place in such a way that entities became so big that they are too big to fail.

Isn't it equally important to recognize that maybe the earliest and most fundamental failure that led to our current crisis... is a lack of consumer protection.

Isn't that something that we should be concerned about as we look forward in terms of these set of circumstances.

It seems to me that when we get to, whether it be in AIG or certain banking institutions that have been defined, that they create systemic risks to our overall economy because they are too big to fail.

If it is too expensive to internalize those risks, then that means that we need smaller institutions.

Well, I will submit the question for the record because the Chairman has been very generous with my time, but one of the things I would ask you is: What are you doing in comparison to State regulators who, in fact-- regulators of State…

It is hard to make the case that we had an adequate job of oversight given those results.

I look forward, Mr. Chairman, to working with you to try to make this happen, because these community banks are the ones that are actually out there still lending in communities at a time in which we generally don't see much credit…

The five largest U.S. banks in 2005 were all national banks and too big to fail.

I think you were ahead of the curve when others were not and really applaud you for that.

The Federal Reserve, you know, is at the forefront of what needed to be done because they had the ability to set the standard.

Thank you. I have one last question and one follow up and then we'll, unless a member appears we'll close the hearing.

Can't regulate if you don't have the authority, so I assume that you're taking the position that you have the authority.