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 could be the determining factor. I do know Affordable Housing goals of fannie and freddie on stero steroids helped mandate Financial Institutions into loaning money to people to
Their product. Removing this is detrimental to Rural Communities like i represent in washingtest virgin. I will continue to work with the chairman, and i yield back. Chair now recognizes the gen gentlelady from new york. Welcome to chairman frank. We miss you and it is great to see you. This legislation bears your name and was the most sweeping overhaul of Financial Regulation since the great depression. When the Investment Company act of 1940 was passed it was called at the time and i quote the most intrusive financial legislation known to man or beast. That is now the cornerstone of the large and thriving u. S. Mutual fund industry. It is important to remember the postdepression financial form took a long time the implement. The security act was important in 1933 but it wasnt adopted until 1948. 15 years after the 33 act was performed. It requires flexibility on the part of the regulators, industry and congress. I look forward to our Witnesses Today and will respond by saying when pr