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And have employments available i dont know how to fits in with any of that id like very much to see equity of employment brought in a distribution allocation of funds be available. Anyone else who would like to make Public Comment. Okay seeing none, Public Comment is closed. Were now on item 9 closed session is there anyone that want to make Public Comment under closed session . Okay seeing none, Public Comment is closed. Commissioners we do need a vote whether or not to hold closed session entertain a motion if i ask, ask all members of the public andsession. Report on any action and second to close all or any transactions. Ascertaentertain to motion all in favor, say i. I. Not to move and on do you want to report on any action taken. Move to not disclose. All in f ....
Important this is the one criticism i have of the regulators. I believe Risk Retention is the best way to go about this. It leaves the decision in the hands of the market. You cant get away from the responsibility you cant get away from this. You can shift it. This goes also, i would say, to the question about regulation. There was some regulation before the crisis started. But it wasnt regulating there wasnt regulation for two important things, Financial Derivatives. I agree about the end user. I appreciate his noting that there was irresponsible speculative activity in derivatives which the cftc was length there were prevented from dealing with. The model for loans shifted from the kind that mr. Wilson makes and keeps in portfolio to those made and then secure advertised. Passing the risk off. I want to do in the bill was to require that if people are going to secure ....
This meeting comes to order and this chair is authorized to call recess at any time. This is called two days after the 4th anniversary of the doddfrank wall street reform and Consumer Protection act and we will examine its impact on the Capital Market and the economy. And i recognize myself for four and a half minutes for an opening statement. Doddfrank has been based upon a false premise that deregulation or lack of regulation led us into the crisis. However, in the decade leading up to the crisis, studies have shown that the Regulatory Burden on the financial industry increased. There were few industries that were more highly regulated. The list could go on. We here a lot about wall street greed and i could not agree more. I am curious at what point was there not greed on wall street. I am wondering how that co ....
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 office ....
Really, the mid h90s, it was people on our side that were trying to restrict these kind of loans, and we passed the Home Protection act and he wouldnt use it. The state of georgia passed laws to assist subprime lending abuses and the Bush Administration preempted it. Then i was working with brad miller and mel watt from the democratic side. We were trying to put regulation through to regulate subprime homes, and the public leadership shut it down. And on the day this committee wants democrats in control, again, to regulate subprime loans, it was over the objection of several members here who said subprime loans were good. And the wall street journal rejected it and said, these are good loans. 80 of them are paying on time, which didnt seem to me to be a great statistic. In fact, what happened was this. People on the conservative side were generally pushing these loans u ....