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.

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.

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.

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

Corporate governance is of great importance to me.

But you would be supportive of it.

It is a national disgrace that under most State laws the default standard for uncontested director elections is a plurality vote.

Let the shareholders decide, as Ms. Yerger points out, is a tautology.

And, sixth, and finally, requires public companies to create a separate risk committee containing all independent directors to assess the risks that the company is undertaking.

That is not a very good argument against my proposal.

I introduced the Shareholder Bill of Rights with Senator Cantwell earlier this year.

Fifth, it requires public companies to split the jobs of CEO and chairman of the board and requires the chairman to be an independent director.

Can you give me one good reason that a director who gets only one vote at an annual meeting should be allowed to continue as a director?

What Senator Schumer in his bill prescribes, however, is not appropriate, and that is that you create a separate committee to do that.

The Shareholder Bill of Rights will go a long way to making sure that these failures do not happen again.

The council believes that the U.S. Congress must legislate this important and most basic shareowner right.

I do not think they would have a different structure, and I would argue that the recent history would undercut your argument even further.

Doesn't the Shareholder Bill of Rights create a competitive advantage for the companies that follow the best practices?

Third, it requires boards of directors to receive a majority of the vote in uncontested elections in order to remain on the board.

Fourth, it eliminates staggered boards which insulate board members from the consequences of their decisions by requiring all directors to face election annually.

The council believes a modest proxy access mechanism would substantially contribute to the health of our U.S. governance model.

Congress should pass legislation mandating annual advisory votes on executive pay.

I do not have much time, and I cannot stay for a second round.

To ensure that owners of U.S. companies face no needless delays over the effective date of this critical reform, the council recommends congressional affirmation of the SEC's authority.

There are far too many cases recently where boards of directors... were asleep at the wheel.