Chuck Schumer

Is there a limit to how much the claw back is or anything else in your policy or it is discretionary?

I think the regulators are currently deciding which of the nonbanks are going to be part of systemic risk oversight.

And are there limits?

What is to stop this from happening again, maybe being a larger loss of the same type, but particularly at a weaker or less well capitalized institution?

I was a proponent in the Dodd-Frank of increasing corporate governance and fought to have included in Dodd-Frank a provision, 165(h), requiring all banks with over $10 billion in assets and all nonbank financial firms supervised by the Fed…

I hope the DOJ will renew the investigation into Lockerbie.

To have Justice investigate is the right way to go.

I agree with Senator Feinstein that appointing these two U.S. Attorneys to investigate leaks is the proper way to address our current and immediate concerns.

That is the right place for it. We do not need a special counsel or anything else.

I am so pleased to introduce to the Committee Judge Frank Geraci to serve on the United States District Court.

I hope his nomination by the President will move quickly through this Committee and through the Senate.

Now, the Federal district court in New York State is among the oldest in the Nation...

So you think it will improve with Dodd-Frank being implemented?

I would encourage, for example, us to mark up the Menendez legislation.

I fought to have included in Dodd-Frank a provision, Section 165(h), requiring all banks with over $10 billion in assets and all nonbank financial firms supervised by the Fed to have a separate risk committee that includes at least one…

At a time when most of America thinks that Congress is in a gridlock, the Committee has been very busy getting things done on the Senate floor.

Have you reviewed the risk committees of other banks with over $10 billion to determine whether they have the necessary expertise?

Completing the implementation of the Wall Street Reform Act must be, and remains, a top priority for this Committee.

To restore confidence in our financial system after the crisis, we need more, not less, scrutiny of Wall Street's activities.

Right. And I suppose there is some difference. There are some banks that are over $10 billion that are pretty plain vanilla banks and other banks over $10 billion----

Bipartisan support for such a measure initially surfaced when Senators Charles Schumer and Lindsey Graham reached across the ideological and party divide to cosponsor the first Chinese currency bill in 2005.

The currency constituency in the U.S. Senate, led initially by Senators Schumer and Graham in 2005, has been very focused on this ever since.

The last time I checked, the Renminbi is up 31.4 percent against the dollar, so they should go home and declare victory.

Thank you, Mr. Chairman.

Even if you think capital requirements are the major protection here to provide the cushion, maybe because you cannot regulate every single little trade, that transparency--that does not gainsay the need for transparency.