Page 5 - Dot Frank News Today : Breaking News, Live Updates & Top Stories | Vimarsana

>> i would repeal and replace it. you have to have regulation. and there's some parts of dodd frank that make all the sense in the world. you need transparency, you need to have leverage limits for institutions -- >> here's a specific -- >> let me mention the other one -- >> no, let's not. let's let him respond to this specific on dodd frank and what the governor just said. >> i think this is a great example. the reason we have been in such a enormous economic crisis was prompted by reckless behavior across the board. it wasn't just on wall street. you had loan officers that were given loans a...

Dodd frank. roll it back. so the question is, does anybody out there think that the big problem we had is that there was too much oversight and regulation of wall street? because if you do, then governor romney is your candidate. but that's not what i believe. >> that's just not the facts. look, we have to have regulation on wall street. that's why i would have regulation. but i wouldn't designate five banks as too big to fail and give them a blank check. that's one of the unintended consequences of dodd frank. we need to get rid of that provision because it's killing regional and small banks....

We've got to make sure you have a living will so we know how you're going to wind things down if you make a bad bet. in the meantime by the way, we also made sure that all the help that we provided those banks was paid back every single dime, with interest. now, governor romney has said he wants to repeal dodd frank. and i appreciate and it appears we've got some agreement that a marketplace to work has to have some regulation. but in the past governor romney has said he just wants to repeal dodd frank. roll it back. so the question is, does anybody out there think that the big problem we had ...

And if you give a mortgage that's not qualified, there are big penalties. except they didn't ever go on to define what a qualified mortgage was. it's been two years. we don't know what a qualified mortgage is yet. so banks are reluctant to make loans, mortgages. try and get a mortgage these days. it's hurt the housing market, because dodd frank didn't anticipate putting in place the kinds of regulations you have to have. it's not the dodd frank was always wrong with too much regulation. sometimes they didn't come out with a clear regulation. i will make sure we don't hurt the functioning of ou...

Money hand over fifth, churning out products that the bankers themselves didn't even understand in order to make big profits, but knowing that it made the entire system vulnerable. so what did we do? we stepped in and had the toughest reforms on wall street since the 1930s. we said you've got banks you've got to raise your capital requirements. you can't engage in some of this risky behavior that is putting main street at risk. we've got to make sure you have a living will so we know how you're going to wind things down if you make a bad bet. in the meantime by the way, we also made sure that ...