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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 dodd-frank 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. dodd-frank 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 ....
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 post-depression financial form took a long time the implement. the security act was important in 1933 but it wasn t 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 res ....
the internet. and it s true. these are pictures of an elephant and pictures of a human and then on the right is the computer reconstruction of what you re looking at. and the big one is mental on us. why is it a billion dollars into this initiative to follow one of the most ancient diseases, mental illness. millions of them will suffer anxiety and what is mental illness? for example, schizophrenia is when you hear voices. however, when you put this person in this you find something interesting. the left part of the brain lights up because that part of the brain talks with elves and when you talk to yourself left part of the brain generates voices and that s how you d talk to yourself. but it knows that the left part of the brain is talking to itself. so these people light up without their permission and they are unaware that they are talking to themselves and you can see that for the first time in history and you can now look at joan of arc and many historical figures a ....
tax rate of those companies to be reduced. and that s why we re talking about this subject. so it appears that having a bow tie is not an indication of prof sor yal stature but tax planning. john, you started us off by talking about the fact that your view, this set of practices were a symptom of a larger set of drivers in the corporate tax structure and that ultimately and i think you wouldn t get any disagreement with anyone here we need to be addressing those larger drivers. but in the context of the current debate, first of all, can i ask you to ask would the measures that steve and steve have put on the table be effective and then we can go beyond that to say should treasury take it. let s start with the effective. so the answer is i don t think so. but there s an overarching point before i get back into the weeds which is why are we trying to raise the bar so it will be harder for companies to leave the united states. why aren t we trying to do something t ....
need to leave. any comments on that. steve, do you want to start? sure, i can address that. i do not think shifting to a territorial system is right. the two problems that we ve highlighted here are earning stripping and the deferred accumulated earnings of these controlled foreign corporations. if we shift to a territorial system in which a u.s. company is only taxed on its u.s. source income, and not taxed on its foreign income, there will be all the more incentive for multi-nationals to strip income from the u.s. base and shift it abroad. isn t that the first step and then you deal with all those issues let me finish my answer. so as part of any consideration of territorial, we need to address the earnings stripping issues that we re discussing here. one of the observations professor shay made in his article, he wanted treasury to adopt regulations that could fold into tax reform and we ve got to address earning stripping and we have to do it sensibly and ....