Transparency. One of the things its much too widespread. And that leverage is one of the things that grows out of the derivatives and other highly structured complaints. But they do a better job within the industry and trying to get more effective disclosure particularly as it surrounds the concept of leverage. Getting the fiscal house in order he also said Monetary Policy only accomplishes so mu much. We have to do it in a way thats fiscally possible. Those are the kind of discussions we need to be having if we need fiscal policy to get more robust growth in our economy. I wish the congress with all of the unemployment there isnt a greater focus on jobs in the economy i dont know but i think that is a benefit for everybody including the Banking Sector to get this economy going in a way that we have been used to in the past. For Financial Service providers i think things for the long term in terms of the longterm Customer Relationships, think of making money by providing the value not
Are not dozens of them around the world. And i suspect that in many cases the discipline thats been applied to risk control and Risk Management are some of those clearinghouses and related organizations probably is not what it should be. I suggested, for example, that for all of those mechanisms there should be, among other things, minimal standards whereby using stress tests and related techniques, you should have a standard that would say that any one of those organizations anyplace in the world showed, among other things, have the capacity that at a given business day they could survive the simultaneous default of their two or three largest artist events. So thats pretty draconian stuff. But i think it is symptomatic of the fact that weve got a lot of work to do to get our arms thoroughly around the shadow system. Keeping in mind, above all else, that it is in my judgment a twoway street. I would agree with that. I think doddfrank try to deal with issues associated with basically tw
Of the best thing that is weve done. Keeping in mind, at the end of the day, all of us knows this. The straw that breaks the camels bank with regard to failing institutions typically is capital. Its just pushing a button on a computer. And frankly, if we get corrective action at least close to right, those two things alone would have a very, very beneficial effect. Not just on special banks, but on other Financial Intermediaries as well. Well, you know, i agree with the premise of the krekcorrecti action to the statute is very ineffective. I disagree that corrective action is a method of protecting the Banking System in times of financial collapse. Theres two ways one can look at the Banking System. I really want a system that is going to be a hundred percent safe and not have failures. And taking that to its extreme, you have a system that has a hundred percent liquid assets. It has very high capital ratios. The trouble with that type of bank which will never fail is youll never loan
Expansion of isis in the middle east. After that remarks by the israeli Prime Minister benjamin netanyahu. Next a look at u. S. Strategy against isis. Thursday david cohen, the undersecretary of treasury for terrorism and Financial Intelligence outlined his agencys work to attach the terror groups Funding Sources. This hearing of the House Financial Services committee is three hours. The committee will come to order. The chair will declare a recess at any time. Before we begin, if you think you are in a strange room, you are. We did not change the portraits, as i have announced previously to the committee. Our hearing room, i think, is the last hearing room in the raburn building to receive a sound upgrade and other modifications to make the room ada compliant. As a reminder to all members, we will be a no maddic tribe between now and theoretically the end of march. We hope that doesnt mean midw midwmid midmay. And we will take whatever Committee Room our friends will allow us to have.
Finishing up the inheritance here when Michael First joined as a fellow and you know, at the end of the day, he would come by either my office or his office and his endless curiosity for for how this would play out, his love of the wonderfully ambiguous nature of dealing with the iranian. The questions of whether or not the specifics of the deal led to a much greater political kind of reconciliation, a subject that my great colleague, mark, will take up in a moment. He was also wonderfully into the weeds. And wonderfully competitive in that way that somebodys whos been a reporter all his life can be. When i r reported in the book after i wrote after i had done the inter hans than the United States had been involved in a lengthy cyber saab technology, that was really the first use of a cyber weapon by the United States against another state, i think michael was probably the first person who called me the day they ran the excerpt in the paper. And his mind had moved three chess steps out