Their own studies show the main drivers of default are loan devalue, borrower credit score. Everything else is literally a rounding error. And so of course, the final doddfrank rules essentially abandon the things that actually drive default. And endless servicing requirements, again making it near impossible to foreclose. My opinion is the rule increased foreclosures last time around rather than decrease them. And the harder it is and the mission has nothing to do with financial stability. The mission is to use the the regulatory system to force prudent borrows to subsidize imprudent. We all knew the crisis was quite costly. It also will provide a cover for massive expansion and government powers. One minute. Im not even go i think to need that. So i would say and would say avoid financial cryises. I think a repeal is not enough. The presystem was broken. It was flawed. And to me one of the real flaws of doddfrank is it extends the precrisis system. The theme of doddfrank is, lets exp
Minerals for firms not only firms getting the actual hard commodities there, but also for firms well down the supply chain, who have no idea where the aluminum in the electronic parts came from. So i think its telling when a liberal law ultimately convinces the Washington Post Editorial Board that it was a bad idea, which they have come out against conflict minerals. Its time to revisit the motion all together of including immaterial disclosures in security laws. Both by legislative fiat and by the sccs own power. And republican and democratic chairmen have both been guilty of this. I think it should be a binding constraint on any rule making. And business round table stands for the proposition. How is a mandatory immaterial disclosure going to provide benefit to investors . None. By definition fails cost benefit analysis. We have ways to measure immateriality. Methodology that has gotten great in the last ten years. I think it should be a binding constraint, the same way for litigants
Can be accomplished [ inaudible ]. Why dont you go ahead and take it. So let me first say, i think you touch upon an important observation about too big to fail which so much relies on the discretionary decisions of government and government decision makers, whether it is the d. O. J. Or the s. E. C. There is nothing about too big to fail economists. It is by political decisions and of course when eric holder goes before congress and said that somebody is too big to jail, that reinforces that perception. And on the data point, so again i would start with data can be suggestive as best and during the crisis we saw suggestive data that the funding advantage for the largest institutions had expanded and yes that has contracted but in my opinion you would expect that to contract post crisis. I think you could compare the funding cost today versus precrisis over time. People forget before the crisis, say in 2006, the largest banks paid more to borrow than the smallest banks. It was complete
That we made. Among the most contentious issues over the past two years involved the armys restructuring initiative. I understand the army has been put in a difficult position by budget reductions and over the past several years has been exploring a number of option to maximize come pat power while at the same time trying to combat costs. Congress has similarly been taking a hard look at this which is why the commission of the structure of the army was established in the ndaa. If confirmed will you comment to thoroughly reviewing the armys Aviation Restructuring Initiative and working closely with congress once the Commission Report is delivered next year to help us figure out the best path forward on Army Structure issues . Absolutely will and i look forward to reviewing the Commission Report. And what do you think are the biggest threats that should you be confirmed youll have to prepare the army to address in the coming decade . I think the armys fundamental mission of engaging in g
Address Financial Aid for local museums. This is half an hour. [ applause ] thank you. Already. Lets get to work. We have a lot to do. Mr. President , mr. Speaker, lieutenant governor, fellow state officials, ladies and gentlemen of the general assemble, honored members, members of the clergy and citizens of the great state. Thank you for the privilege of inviting me into the peoples house. Let me offer congratulations to those who have been reflected into leadership position. I want to congratulate new members. I look forward to work withiing all of you. We have lost dear friends who have served in this house. Our hearts are heavy as we continue to mourn their passing. Lets pray for the safe return. Thank you to nancy wine man. [ applause ] finally, i have to find her thanks for my wife, son, and other two sons for their love and support. Great to have katy down here. Thank you. [ applause ] the connecticut General Assembly met in special section. In support of our states economy and