We cannot have a safe and sound financial regulatory system that does not protect the consumer, particularly the unsophisticated.

That is a little bit of what we would say in Brooklyn is turf.

Look, I wouldn't deny there are arguments on the other side, but you would agree that these four arguments make some sense for a consolidated regulator?

I suggested further consolidation of bank regulators would make a lot of sense.

I urge the Congress not to create a 'too-big-to-fail' category of financial institutions, directly or indirectly, either through the regulatory mechanism or by rule.

I didn't understand that. It just sort of happened, I guess.

It is clear that we need to end charter shopping, where institutions look around for the regulator that will go easiest on them.

I believe critics are justifiably concerned that the new agency would at the end of the day be all about examining and regulating banking organizations.

Mr. Chairman, I am deeply grateful.

There are reasons for one strong, powerful, efficient regulator, and I think people who are objective... tend to think that should happen in the banking area.

A lot of the biggest failures were under not Mr. Bowman, I don't blame him, but his predecessor's watch.