This audience really merits it. I thought maybe one day if i write this book and people notice it maybe one day the mayor of charleston will be holding it in front of an audience, a packed house. This is what happened one week after the book was released. Its truly beyond my wildest dreams. The book tells the story of reconstruction and im going to read some passages from it some of which you will see from the Police Department some that deal with the mayor and the current mayor here. The point is we are all heirs to something. We have no say. We are born where we are and we have no say in what we inherit and all we have control of his will he do with it. We can recount some of the triumphs and some of the greatest tragedies but i think moving on from the tragedy of 2015 you created this group. You decided intentionally to create the space word difficult issues in the community could be discussed. It would have been easy and very human to say the murder was not from charleston, you hav
Pay attention to the marginalization narrative. I mean i think muslims are your best partners in this. I think muslims understand we can do without each other. Its a common enemy. They are not going to think twice. Im there with my family. I will be killed along with everyone else so we are in this together. Help us make those connections. Mr. Gartensteinross. I agree with what jm berger said that we are in a radical change. The question for us is are we up for this . I think we have grown content with a system in which a lot of things dont work where we tried to address problems and it gets lost somewhere in the bureaucracy and theres due process and everyone is waiting for someone else to do something and what we are getting in outputs is so suboptimal that of the u. S. Government or corporation with loose their jobs. The questions are can we move fast enough . Are there too many bureaucratic obstacles and if so what can we do to stop those obstacles and are we transparent enough bot
Has put in place knew rules for prime institutional funds that get rid of the fixed dollar value. They will have net asset values that will reduce run risk. That aside to allow firms to impose fees something that could create Financial Stability risk that we need to watch. The so called Triparty Repo market which is a major source of shortterm wholesale funding, that contained great risks. We have taken steps important steps to mitigate. Central counterparties a thrust of reform has been to try to move as many derivative contracts as possible into central counterparties to have them. By central counterparties something that serves to reduce risk and complexity and enhance Financial Stability but when these entities themselves become systemic and clearly need supervision something that you have mentioned in imf work is that we have a major growth of open ended mutual funds where you have funds that are investing in highly illiquid assets. The industries are promised immediate liquidity.
Culpable if not more culpable than the person who knows the facts. Youre going to send him up the river for 15 years. Again we believe is justice culpable . We think certainly its sufficient if the government can prove that the defendant knowingly distributed a drug believing it to be illegal to do so. Whether or not he knew what provision of law. Illegal because in fact its bad for animals and the law involved prevents veterinarians from using this kind of drug for animal treatment. Thats all he knows. Thats all he thinks. Now, hes guilty of this statute. That doesnt tend to show at all that knowledge that he knows its an analog. In your opinion, because he feels guilty, as perhaps he should, hes guilty of violating this law. Well, we do believe that would establish the necessary culpable state of mind. Gr can you give me any authority for that . Your example of willful blindness is an example of where in fact in respect to this law he knows there is a risk he is violating doing the c
Rule. All the Public Comment except one was against that. But i think what im hearing is you move forward with a little bit more of a heavy hand than what you would represent to us. And you say you want to be engaging the industry and you want to be collaborative, but what i the feedback im getting, those are your words but your actions are much more heavyhanded. That youve determined what you want as the outcome. Thereby, youre going to let people think theyre participating, but in the end youre the rule maker and youre going to get your way. So do you feel like that is a collaborative atmosphere in trying to work with the industry and how would you respond to those type of comments made about the way you all are approaching rule making . Is that for me . Yes, sir. Youre the chairman. And is that question specific to the 1110 rule or more general . It is specifically to 1110, but in general when it comes to dealing with industry. Sure. So ill address both. The 1110 rule is in indefini