I believe that Director is appointed for a term of 5 years.

too big to fail is the first chapter, but the second chapter is too interconnected to fail.

If we don't achieve it in the next several months, the bubbles that might be out there percolating... will once again catch us by surprise.

I personally think it is an affirmative good.

today I introduce the National Institute of Finance Act of 2010, which would create an Institute to provide our financial regulators with the data and analytic tools needed to prevent and contain future financial crises. By establishing…

On February 4, 2010 Sen. Jack Reed introduced S. 3005, 'The National Institute of Finance Act of 2010.'

You certainly need regulation. You need the right regulation. And you need a strong regulatory structure, but it is not in itself, I believe, sufficient.

the entire structure a 'doom loop' because it is a repeated cycle of boom, bust, bailout.

the 'too big to fail' is a form of implicit subsidy from the taxpayer, which lowers the cost of funding for these derivative transactions.

My honest belief, having experienced it and having lived with it for years, is that the system would be stronger if we could provide for some separation.

I think that over the years, I probably have thought more about interconnectedness and the plumbing of the financial system, as I like to call it, than most everybody.

I think that is the goal of many people on this Committee, maybe not everybody, but I think many people.

I believe that the nature, the human makeup of an institution is extremely important.

the taxpayer had to step in because there wasn't enough capital in the private sector to cover the risks

we sort of ganged together, papered it over, and went on having learned nothing

we allowed fundamental regulatory arbitrage to lead to a very difficult situation

I don't think they would be difficult to implement and I don't think it would be a regulatory issue. I think it would be a management issue.

I think that, again, the traditional roles that said a bank in a bank holding company has access to the discount window, that is where we should get back to.

I do not think many people at all have been held accountable for what is going on.

First, we can't assume regulatory capacity adequate to the complexity of the financial markets.

I want to thank you, General Ward. I also want to thank you for your service, because it's a long time since we taught together at West Point and I'm awfully proud of what you've accomplished for the military and for the Army.

Merida shouldn't just be a 1- or 2-year event, but it's a relationship over time.

I just want to recognize and commend you Mr. Secretary for your leadership.

I want to follow up the point that Senator Collins made.

I believe Senator McCain has asked the right question and I think the Navy should respond.