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Hearing of the House Financial Services Committee - Systemic Risk and the Financial Markets

Location: Washington, DC


REP. PETER ROSKAM (R-IL): Thank you, Mr. Chairman.

Mr. Chairman, I was involved in a meeting with you and other members a couple of weeks ago where you kind of walked through the decision-making that you and your leadership went through in the Bear Stearns situation. And kind of in a nutshell, I don't want to over- characterize, but you're the umpire. You're calling balls and strike. You called it a strike, did what you felt like you had to do. Others may have called it a ball. But you've made it very clear that you weren't happy about that situation, and you've made it clear that there is a plan moving forward.

And your testimony today, you outline three points. I'd just like you to focus in, and I don't think it'll take all five minutes, and I'll give you all the time, could you focus in particularly on the supervision piece as it relates to investment banks? And could you comment on the interplay between statutory change that you might think necessary, the regulatory piece that are rules that you can promulgate in your relationship with the Securities and Exchange Commission? But also, could you please comment on the attitude of the investment banks and kind of, what's the backdrop of the conversations?

Because basically, dad came home, right -- I mean, at the party, and looked around. And what is the look in their eye as they are interacting with you, and the demeanor going forward?


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