To me, this is a terrible mistake. We are enshrining some institutions with such importance due to their size and interconnected characteristics that we are implicitly accepting the notion that our Nation's economic well-being is in their…

Community banks did not cause the crisis and they should not have to bear the cost or burden of increased regulation necessitated by others.

I agree with the Administration and many in Congress--notably Chairman Dodd--on the importance of protecting families against a repetition of the bad behavior that proliferated in recent years.

I think that was a big mistake and one of the things that got them into trouble.

I share that view with my colleague, Alice Rivlin, who I think has testified to this Committee.

For myself, I feel strongly that an independent consumer regulatory agency can only work if these three problems are solved.

I have expressed publicly my admiration for the job that Ben Bernanke has done in managing this crisis with Secretary Geithner and others.

We have all gathered here today with one common goal, to make our financial regulatory system strong enough to prevent another severe financial crisis from happening.

As you said, 54 out of the 69 banks that have failed this year were State chartered banks.

We don't need a super-regulator with many missions, but a single Federal bank regulator whose sole focus is the safe and sound operation of our Nation's banks.

Corporate governance is of great importance to me.