Steve Driehaus: “I think it's a good point, Congressman. There was no regulation. There was no regulation of mortgage-backed securities.…”

“I think it's a good point, Congressman. There was no regulation. There was no regulation of mortgage-backed securities. There was no regulation of credit default swaps. So when folks get up and say we have enough regulation on Wall Street, well, there may be regulation, but the regulation was in the wrong place. So if you look at the bill that came through the House when it comes to regulatory reform, we focused on some sound principles. First, the creation of a Consumer Financial Protection Agency, an independent agency that provides consumers with information, good information, about the products that they are being offered. Now, this isn't a crazy idea. You know, we often said in the State of Ohio that you were safer purchasing a toaster than you were a home loan because you had more consumer protections purchasing a toaster. And that's true. You have consumer protections when it comes to purchasing a vehicle. You have consumer protections if you purchase toys for your kids. But you don't have those same consumer protections when it comes to a home loan.”