The subcommittee on communications and technology will now come to order. And the chair recognizes herself for five minutes for an Opening Statement. And i do want to welcome each and every one of you. Obviously a hearing of interest as we have a full room in front of us. And it is our first hearing in 2017 with a fully formed federal Communications Commission as often seems to be the case, the senate takes their dear ever loving time to get things done, but im pleased to see that the commission is back up to speed and ill tell you i am pleased that we have five members of this commission and they have different points of view to bring to the discussion on all things telecom related. I think that is healthy for the telecommunications and technology industry. Were here today to conduct oversight of the agency which is this subcommittees primary role. It is very important that we fulfill these obligations because we have given the fcc a Critical Mission and critical task to fulfill. From
Communications in the subcommittee on communications and technology will now come to order. And the chair recognizes herself for five minutes for an Opening Statement. And i do want to welcome each and every one of you. Obviously a hearing of interest as we have a full room in front of us. And it is our first hearing in 2017 with a fully formed federal Communications Commission as often seems to be the case, the senate takes their dear ever loving time to get things done, but im pleased to see that the commission is back up to speed and ill tell you i am pleased that we have five members of this commission and they have different points of view to bring to the discussion on all things telecom related. I think that is healthy for the telecommunications and technology industry. Were here today to conduct oversight of the agency which is this subcommittees primary role. It is very important that we fulfill these obligations because we have given the fcc a Critical Mission and critical tas
Leave. [laughter] [inaudible] exactly. We had an oped from december 2012 that said, look, the firms should build dabbal, and theyre not able capital, and theyre not able to do it now. All the other questions about the third amendment aside, the firms should be building capital. Jim and i said the profit sweep doesnt make sense. Look at how does the system evolve, right . So more, so hopefully more capital both internally and through the credit link notes, you know, going from 30 to 90 is triple, but 90 is very close to zero on a 5 trillion Balance Sheet. So that seemed like a modest step when the risk transfers are so successful so far. But more private capital. The two firms will continue to be regulated, and the retaped portfolios retained portfolios, the internal hedge funds will wind down. Thats not as far aform as. John softencrapo, but its much better than the system before the financial crisis, thats for sure. So do we need congress to do legislation, or could fhfa, how much cou