the ball was dropped and fix that area rather than creating a new agency and spending an enormous amount of money? >> that's what we should do. as a practical, political question, what are we going to do and what makes most sense? that's why the suggestion was made and agreed to, the federal reserve which has primary responsibility for regulation in this area, set up within the federal reserve, consumer department, agency which has the same visibility levels as regulatory people. reduce bureaucracy in the sense you are not creating a separate agency which has independent auto tick powers which would be a mistake. -- >> greta: did democrat agree that? >> different democrats had different positions. senator dodd at one time was in agreement. the president and his people always want add independent agency of the bank regulatory regime. i think that's a mistake.