The President has now made clear that regulatory modernization, which will protect consumers and investors in this way, is a top priority for him.

We looked at everything from predatory lending and foreclosures to the risks of derivatives in the banking system.

I pledge personally over the coming months that we will rebuild the nation's financial architecture from the bottom up

sweeping reform of abusive credit card and mortgage lending practices will be an essential component of this Committee's financial modernization efforts.

Thank you for holding this hearing, and unfortunately I got here a little late, so I am going to take a little bit of my time and read my opening statement, if you don't mind.

This hearing will focus on critical consumer, investor, and shareholder protections in financial services.

It is an historic undertaking, one of the most important debates in which we have engaged here in a long time.

By no means is this problem exclusive to financial services.

What is a middle-class family like the Moores supposed to do if they were counting on that credit line to help them through a medical crisis?

Is it time to create a new regulator whose sole function is the fair treatment of individual customers?

I think this hearing is really important. We have a great economic crisis in our country and it extends from one end to the other.