I just find this--let's put it like this. I think they're off to a bad start.

I regret that our colleagues are not participating here. It doesn't bode well for moving and filling vacancies on the bench.

I want to mention Lilo, who traveled here from Elmhurst, Queens, a neighborhood I very much love.

I have been on Banking Committees for 28 years and I think you have been testifying before them for about 28 years.

Exactly. Yes, and it worked.

I am not so worried--I mean, although the details, look how long it took to get some agreement on Basel and the capital accords.

However, new factors, including technology, globalization, and industry consolidation and evolution have left our regulatory infrastructure too far behind the reality of today's global financial system.

I think there is a willingness and an understanding that we have to move.

I agree, it is a unique opportunity.

If we have got good regulation, and good is not synonymous with a lot of regulation necessarily, but if we have intelligent regulation and the rest of the world doesn't follow us, well, that is too bad, because I think in the end, it will…

Even former Federal Reserve Chairman Alan Greenspan, once an ardent defender of deregulation and the free market, recently acknowledged that there was a 'flaw' in his belief that markets could and would regulate themselves.