Their own studies show the main drivers of default are loan devalue, borrower credit score. Everything else is literally a rounding error. And so of course, the final doddfrank rules essentially abandon the things that actually drive default. And endless servicing requirements, again making it near impossible to foreclose. My opinion is the rule increased foreclosures last time around rather than decrease them. And the harder it is and the mission has nothing to do with financial stability. The mission is to use the the regulatory system to force prudent borrows to subsidize imprudent. We all knew the crisis was quite costly. It also will provide a cover for massive expansion and government powers. One minute. Im not even go i think to need that. So i would say and would say avoid financial cryises. I think a repeal is not enough. The presystem was broken. It was flawed. And to me one of the real flaws of doddfrank is it extends the precrisis system. The theme of doddfrank is, lets exp
This recent poll done by pen sean and burr land. Robert green joining us to talk about it. Mr. Green, thanks for your time. Thank you, sir. Up next on cspan3, a look at the dodd frank Financial Regulations five years after they were signed into law. Well hear from House Financial Services chair Jeb Henserling on the law. And thomas perez talks about regulating retirement financial advisers. Later, a discussion on islamic extremism. When congress is in session, cspan3 brings you more of the best access to congress with live coverage of hearings, news conferences, and key Public Affairs events. And every weekend its American History tv traveling to historic sites, discussions with authors and historians, and eyewitness accounts of events that define the nation. Cspan3, coverage of congress, and the American History tv. President obama signed the dodd Financial Regulation into law five years ago. Up next, a panel talks about the different provisions of the law including the creation of th
Use by executive land holding agencies. In your opinion do you believe that gsa has done everything in its power to give life to the directives embodied in section 6409 which you referenced in your testimony of middle class tax relief act . Have they done everything they can . Mr. Chairman, i do not believe they have. As a matter of fact, im a former administrator myself of the federal agency and if i had implemented something too poorly that congress instructed me to do id be embarrassed. Theres an executive order by the president of the United States correcting gsa to move faster to get these contracts together and to date nothing has been done. Three years after Congress Enact this legislation, progress has been slow gsa hasnt been proactive. Proactive. I think our members are having to negotiate for each and every site individually just as they have in the past. Gsa has not implemented the intent of congress and we cant wait three more years for whats needed i think today. Theres a
Or can we fix it . And if so how in particular . Youre about to hear how from our expert panel. Let me introduce them in the order in which theyll speak, as we proceed through the panel well be working our way through the various titles of dodd frank frank. First will be my colleague peter wallacen. He co directs aeis program on financial studies, was co chair of the pew Financial Task force and served on the Financial Crisis Inquiry Commission where he wrote a very enlightening and highly controversial dissent. Previously peter was White House Council to president reagan. General council of the treasury department. Financial crisis was spawned by the financial crisis spawned dodd frank, do you understand what spawned the financial crisis . Buy peters book hidden in plain sight in case you havent yet. Our second speaker senior director of Global Government Affairs strategy and Public Policy of bloomberg, where he covers policy issues in europe, asia and the u. S. Equity, fixed income,
Connected vehicles or autonomous selfdriving vehicles. Department of transportation thinks of this as connected automation. Its really both. They both give you sort of added safety. Connected vehicles or basically v to v, vehicle to vehicle, vehicle to infrastructure, v to x or anything else, basically theyre all going to be able to talk. What we know is studies so far suggest that even two applications of v to v could prevent 600,000 crashes and save 1,000 lives. So it has huge opportunity overall. Potentially 80 of crashes that dont involve an impaired driver could be prevented with v to v. So we have actually introduced a rule making which has been accepted by omb for review just to try to set up a consistent piece of equipment that would be used for the whole system in the United States. Okay. When do you anticipate this being online . Or you know, are constituents the availability. Give me a timeline on that. Right now its been accepted by omb as under review. Thats kind of where