Laundering concerns. They are no longer dealing big banks are no longer dealing with Community Banks because of know your customer concerns. We would recommend to remedy this situation, a, we eliminate fsoc, a regulator composed of regulators. Its a huge redundancy and double jeopardy in the system. Eliminate ambiguities in the terminology and then finally to carve out some protections for the 99. 999 of all american businesses and Financial Institutions that have nothing to do with this regulation. To wrap it up in just a second. Two years ago i testified to this committee. I asked the question, when they business calls its bank for financial services, would anybody be there to answer the phone . We now know the answer to that. And the answer is yes. The Compliance Officer will be there, not the loan officer. Ladies and gentlemen, that is no way to run the best economy in the world. Again, chairman frank. Welcome back home. You are now recognized for your testimony. Thank you, mr. Cha
Janet Yellen : de Wall Street à Main Street
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to me any time you have a vesting system, that detracts from a career incentives. it cannot do anything else. in that budget times, it leads people bidding against themselves p l it drives up costs. if you want to talk fairness, the first thing you have to do is be fair to the people who suffer sacrifice the longest. that is the career person. the last thing we should be doing is cutting their package to fund a better package for people believe. when we are looking at fairness he brought up a good point because you were not even talking about the range of people. that is why in my opening statement you heard other, the department of defense you look at compensation as a total package. so across that whether it is basic pay, hazardous duty pay, and in danger pay, all of the different aspects that go into a compensation, that is how we get the balance of fairness. when people come into the military, they understand the situation. they come in knowing what the various pi
the union. recent experiences reveal the need for stronger mechanisms for fiscal discipline and more markets that allow countries to achieve growth potential and for adequate crisis response tool kit to respond to economic and financial stress. in response to these challenges, europe has taken wide ranging action both to strengthen national policies and to reinforce the overall frame work for the euro area. at the country level over the last 18 months, much of the region has embarked on accelerated fiscal consolidation, growth orientated structural reform and banking sector repair. this is an extremely challenging agenda and completion will require efforts over sustained period of time. in parallel, european leaders have pledged to do whatever it takes to ensure the future of the euro. they have provided financing together with the imf to greece, ireland and portugal as these countries undertake very difficult reforms. moreover, leaders have expanded financial capacity of the