The clerk will read a communication to the senate. The clerk washington d. C, nod conversation will now come to order and the chair recognizes himself for five minutes for the purpose of an Opening Statement. This morning, first let me welcome our witnesses. This morning we will receive an update on the Consumer Protection efforts in place to address the fraud risk for americas seniors. As of july 2013, there are over 44 million americans who are older than 65. That almost 14 of the population. The population, 65 and holder in the United States, projects to outnumber people younger than 18 for the first time in 2033. A mere 18 years from now. The Median Income of these households is over 35,000 per year, and 71 report having a computer in their home. The median networth of seniors 65 and over is 25 times that of people under 35 years of age. The expanding population of Older Americans and their relative wealth compared to other age groups increases the risk that someone will want to ta
Changes the conversation because focusing on advancing women and, again, i want women in the top of every profession but when we think about it that way, we start counting. Because thats the way you measure how well women are doing, how many women are in fortune 500 and how many women are in Senior Management and how many women are computer scientists. All that have does focus pretty much on wealthy white women, by and large. It does not phofocus on the millions of the women at the bottom. One of the thing i realize, we have too few women at the top and too many women at the bottom and care or our lack of support for care plays a role at both ends. At the top end, if you take time out for care, your career goes off track. But for the millions of women at the bottom not supporting their care means if they take a day off they could lose a job, right . So focusing on care says we have to put in place the policies that rich women can buy their way out of often. We have to put in leave, pai
State of play there . Jim, are you following that . Well, a bit. Im not probably not as expert as some others are on this. But certainly i think youre right that the because we are two such gigantic financial markets, the opportunities in liberalization there or harmonization are tremendous. The benefits that flow from that are probably as large as anything you could think of in the entire ttip agreement that would flow from that. In the United States the reluctance on the part and i think we should be doing it. I think the reluctance in the United States is the passage of dodd franks and nobody wants its too new, nobody wants to tamper with that, nobody wants to tinker with that. I think it definitely needs some tinkering with, but nobody really wants to deal with dodd frank and the secretary of treasury, this is a little bit of a turf battle, the secretary of treasury saying thats our area. Trade negotiators dont get into these Financial Services issues, thats for treasury to negotia
That we weigh in on how other countries set up their own regimes, in a manner that will be good for u. S. Firms and the u. S. Market. Its an attempt to influence what other countries do and thereby ensure a level Playing Field that works in our best interest. Their angst is based on the fact that they believe we might end up accepting standards from the International Community that might create problems for them here at home. Nothing thats adopted internationally has any binding force in the United States. We go through our own rulemaking process and decisionmaking. Its our internal decisions now. Of course, given our thoughts on whats appropriate, were using that and collaborating, doing this collaboratively with other u. S. Insurance regulators. Were presenting positions in basel, attempted to influence the international decisions. But we decide here whats the appropriate regime. Thank you, madam chair. Time of the gentleman has expired. The chair recognizes the gentleman from illino
Not look at asset manages of siffys but maybe down the road it would . There were a set of criteria that fsok initially issued to indicate firms that it might look at. Has that been updated, chair . Im not certain if it has. But there was there was written if you dont mind well reach out to your staff to see if theres any updated criteria on that. Do you also have a set of criteria that deals with an offramp, such as if an institution designated as a sify and they go down this path in your eyes, offramp for them. Do you have that set of criteria . We evaluate each of these firms every i think ivevery si decide if its no longer appropriate for them to be des designated . Do you have the guidelines . Were to the trying to run these businesses. And were not going to i dont think it would be appropriate for us to say you need to do x, y, and z to be dedesignated. These firms understand very well why theyve been designated. And they understand what kinds of changes in their Business Model w