02/26/2014
https://www.congress.gov...
"Isn't it true that smaller institutions can cause systemic risk because there are counterparties, it is almost like a ping-pong ball bouncing from one place to another?"
"There are a lot of institutions with no capital standards, but they were not banks and regulated by you, who used huge leverage, 30:1, 40:1, 50:1."
"Such neglect allowed for and even encouraged a problem that began in the subprime mortgage market to spread throughout our Nation."
"That is why the American Recovery and Reinvestment Act is so essential."