Or can we fix it . And if so how in particular . Youre about to hear how from our expert panel. Let me introduce them in the order in which theyll speak, as we proceed through the panel well be working our way through the various titles of dodd frank frank. First will be my colleague peter wallacen. He co directs aeis program on financial studies, was co chair of the pew Financial Task force and served on the Financial Crisis Inquiry Commission where he wrote a very enlightening and highly controversial dissent. Previously peter was White House Council to president reagan. General council of the treasury department. Financial crisis was spawned by the financial crisis spawned dodd frank, do you understand what spawned the financial crisis . Buy peters book hidden in plain sight in case you havent yet. Our second speaker senior director of Global Government Affairs strategy and Public Policy of bloomberg, where he covers policy issues in europe, asia and the u. S. Equity, fixed income,
Represented. But some of our members are out and about. You know were in the middle of some hearings, some things that are going on with sensitive matters. And so were going to keep pursuing this. Today we will resume amendment testimony on hr3354, make america secure and prosperous appropriations act 2018. The committee will be taking general testimony on the commerce, justice, science and related Agencies Division, Financial Services and general Government Division, the interior environment and related Agencies Division, and the labor, health and Human Services education and related Agencies Division of the bill. Once again, if youre planning to offer an amendment, this message is for members in offices that may be listening this time if youre planning on offering any amendment testimony to divisions a, c, d or f, we will be taking that testimony following these first two panels, which will be introducing their product then subject to amendment. Members are advised that they can also
A federal spending package to fund the department of agriculture, transportation, Homeland Security and more. They will be taken up on the house floor tomorrow. Next, we show you some of the hearing from earlier today. We are going to move our prorations processed further today. My colleagues from the Democratic Party has asked me to go ahead. We are in the middle of the afternoon, they know what is going on, they are well represented. But some of our members are outgained about. We are in the middle of some hearings, some things going on with sensitive matters. So were going to keep pursuing this. Today we will resume amendment 354, make on hr3 america secure and prosperous appropriations act 2018. The committee will be taking general and amendment testimony on the commerce, justice, science and related Agencies Division, Financial Services, and general Government Division, interior defilement and related Agencies Division and labor health and Human Services education and related Agen
Billions of pounds into the economy. Joining me on leaders with lacqua, former bank of england governor mervyn king. Thank you so much for speaking to bloomberg tv. It is always a great pleasure. What lessons have we learned . Learned thehope we lesson that this was bigger than financial crisis. It represented a serious problem in the world economy. I think that is the most important lesson. Second, we learned we need to worry not just about the amount of Equity Capital banks issue, we need to limit the leverage, but we also need to tackle the problem that banks are inherently unstable. People take their money out, or they dont roll over there letting, and we need to do that. Francine did we see early signs of it . Mr. King i think we saw signs in the world economy, and we should have given more weight to the rise of leverage in the Banking System. At that point, the banks themselves were deeply reluctant to admit what was going on was not sustainable. Francine at what point in the lea
Thank you so much for speaking to bloomberg tv. It is always a great pleasure. What lessons have we learned . Mr. King i hope we learned the lesson that this was bigger than financial crisis. It represented a serious problem in the world economy. I think that is the most important lesson. Second, we learned we need to worry not just about the amount of Equity Capital banks issue, we need to limit the leverage, but we also need to tackle the problem that banks are inherently unstable. People take their money out, or they dont roll over there letting, and we need to do that. Francine did we see early signs of it . Mr. King i think we saw signs in the world economy, and we should have given more weight to the rise of leverage in the Banking System. At that point, the banks themselves were deeply reluctant to admit what was going on was not sustainable. Francine at what point in the lead up to the financial crisis did you think there was something seriously wrong . Mr. King i give a speech