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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 f...

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 questi...

Embrace it. The less the leaders in congress recognize publicly that this is an important issue its not going to happen because theyre going to have people pushing back real hard so its got to be a public effort. They have to be armed with a push from the president and the white house to say this is important. So id like to see the whole National Security apparatus from the president , nfc on down, making this top priority in all the conversations. Tom, you had mentioned the role of the congressional leadership in pushing this ahead. What should they be doing . It is i think my colleagues brou...

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 larg...

Oval. Its a special place. We will take pictures behind the resolute desk. Its been there a long time. A lot of president s. Some good, some not so good. You have got a good one now. [laughter] even though they are trying to impeach the son of bitch. Can you believe that . Sean democrats know the president will be vindicated at the end of the senates trial. They dont care. They are more interested in finding an outlet for psychotic antitrump raid. Hurts them running in 2020. On wednesday nancy pelosi all smiles, there she is, literally signing off on her b. S. Partisan impeachment articles. Ha...