CongressionalHearings/Dodd-Frank/CHRG-111hhrg56776/CHRG-111hhrg56776--216.txt Mr. Scott , '' And so , you were aware -- or were you not aware -- that the portfolios of these banks were averaging between 75 and 80 percent total concentration in real estate ? '' CongressionalHearings/Dodd-Frank/CHRG-111hhrg56241/CHRG-111hhrg56241--3.txt American compensation structures are out of control and the existing compensation structure cuts to the ability of our corporate governance system to function . CongressionalHearings/Dodd-Frank/CHRG-111hhrg56241/CHRG-111hhrg56241--3.txt As we work to issue new guidelines on executive pay , we need to ensure firms begin to better align pay with stockholder value . CongressionalHearings/Dodd-Frank/CHRG-111hhrg56241/CHRG-111hhrg56241--3.txt This is because we currently have an irresponsible corporate culture where American CEOs are awarded large bonuses and generous stock options even when their companies perform poorly . CongressionalHearings/Dodd-Frank/CHRG-111hhrg58044/CHRG-111hhrg58044--28.txt Chairman Gutierrez , Ranking Member Hensarling , Mr. Price , and members of the subcommittee , my name is Dave Snyder , and I am vice president and associate general counsel for the American Insurance Association . CongressionalHearings/Dodd-Frank/CHRG-111hhrg58044/CHRG-111hhrg58044--28.txt In response to your request for recommendations , we suggest that all States adopt the National Conference of Insurance Legislators ' model law . CongressionalHearings/Dodd-Frank/CHRG-111hhrg58044/CHRG-111hhrg58044--28.txt Second , the States should make sure they capture and analyze all of the credit complaints they can and communicate with insurance companies about them , individually , and any trends . CongressionalHearings/Dodd-Frank/CHRG-111hhrg58044/CHRG-111hhrg58044--28.txt This is good for the economy because this maximized competition forces prices down to the lowest feasible level so people have money to spend on other things . CongressionalHearings/Dodd-Frank/CHRG-111hhrg58044/CHRG-111hhrg58044--28.txt We , you and the States never lost sight of our fundamental shared goals , reduce risk where possible , accurately assess and assume the remaining risk , and provide effective coverage to the American people . CongressionalHearings/Dodd-Frank/CHRG-111hhrg58044/CHRG-111hhrg58044--28.txt As a result , auto and homeowner 's insurance markets are by every measure financially sound , competitive , and affordable . CongressionalHearings/Dodd-Frank/CHRG-111hhrg58044/CHRG-111hhrg58044--28.txt In the midst of the financial turmoil and its related chaos , the U.S. property and casualty insurance sector is stable , secure , and strong . CongressionalHearings/Dodd-Frank/CHRG-111shrg57923/CHRG-111shrg57923--103.txt PREPARED STATEMENT OF STEPHEN C. HORNE Vice President , Master Data Management and Integration Services , Dow Jones & Co. . CongressionalHearings/Dodd-Frank/CHRG-111shrg57923/CHRG-111shrg57923--103.txt In summary , the data and technology exist today to equip financial regulators with the tools necessary to monitor systemic risk . CongressionalHearings/Dodd-Frank/CHRG-111shrg57923/CHRG-111shrg57923--103.txt The security methodologies under the IPSA Act -LRB- Information Protection and Security Act of 2009 -RRB- and the contractual controls for the use of commercial data are sufficient to protect this information . CongressionalHearings/Dodd-Frank/CHRG-111shrg57923/CHRG-111shrg57923--103.txt In addition , language included in H.R. 1242 that passed the House provides for even greater protections for non-public data . CongressionalHearings/Dodd-Frank/CHRG-111shrg57923/CHRG-111shrg57923--103.txt If the proposed data base were in place the government would be in a better position to confirm , quantify and tackle these problems proactively . CongressionalHearings/Dodd-Frank/CHRG-111shrg57923/CHRG-111shrg57923--103.txt If we can integrate this data into an actionable database , regulators can quickly implement surgical solutions that will apply the appropriate programs/funds to the most serious problems . CongressionalHearings/Dodd-Frank/CHRG-111shrg57923/CHRG-111shrg57923--103.txt Legislation that would create such a database has been introduced by Senator Warner , S. 910 , with a companion bill that has already passed in the House , H.R. 1242 , by a vote of 421-0 . CongressionalHearings/Dodd-Frank/CHRG-111shrg57923/CHRG-111shrg57923--103.txt For example , in Las Vegas , a huge influx of different socio-economic groups moved into this market over the past 10 years . CongressionalHearings/Dodd-Frank/CHRG-111shrg57923/CHRG-111shrg57923--39.txt But what I did n't see and could n't see and could n't understand was how what was happening in the housing sector was going to lead to the collapse in the financial sector . CongressionalHearings/Dodd-Frank/CHRG-111shrg57923/CHRG-111shrg57923--38.txt Mr. Horne , '' I have known that there has been a national housing problem since the first time that our partners -- we have over 900 data partners that we work with . CongressionalHearings/Dodd-Frank/CHRG-111shrg57923/CHRG-111shrg57923--38.txt And this disaggregation of information in these individual silos prevent us from being able to do , except through very extensive manual efforts , the ability to bring this data together in a way so we actually can build real models on the symbiosis , the systemic issues that are occurring between all these different factors in the marketplace . CongressionalHearings/Dodd-Frank/CHRG-111shrg57923/CHRG-111shrg57923--38.txt I think we are talking about the same thing , which is building in the short term an information gathering and an analytical capability that will help us , but in the longer term , getting to the point where it is just not prediction , there might be even some treatment involved , which is the point you made . CongressionalHearings/Dodd-Frank/CHRG-111hhrg56776/CHRG-111hhrg56776--209.txt The Federal Reserve , back in 2000 , took lead in developing some guidance on commercial real estate about not having too much , about managing the risk better , about not having too much geographic concentration -- which has been an issue , I know , in the southeast . CongressionalHearings/Dodd-Frank/CHRG-111hhrg58044/CHRG-111hhrg58044--287.txt On a credit score , and this goes back to Mr. Watt 's questions earlier , in my hometown , Kansas City , Missouri , some of us protested years ago because the newspaper , in the real estate section , in identifying the location , would always say , `` East of Trust . '' CongressionalHearings/Dodd-Frank/CHRG-111shrg57923/CHRG-111shrg57923--22.txt So I am expanding upon the concept of systemic failure to talk about the markets as well as the financial systems that support those markets . CongressionalHearings/Dodd-Frank/CHRG-111shrg57923/CHRG-111shrg57923--22.txt Legislation that would create such a database has been introduced by Senator Warner -- it is S. 910 -- with a companion bill that has already passed the House , H.R. 1242 , by a vote of 421-0 . CongressionalHearings/Dodd-Frank/CHRG-111shrg57923/CHRG-111shrg57923--22.txt For example , in Las Vegas , a huge influx of different socioeconomic groups moved into this market in the past 10 years . CongressionalHearings/Dodd-Frank/CHRG-111shrg57923/CHRG-111shrg57923--22.txt The security methodologies under the IPSA Act and the contractual controls for the use of commercial data are sufficient to protect this information . CongressionalHearings/Dodd-Frank/CHRG-111shrg57923/CHRG-111shrg57923--22.txt And when the financial meltdown occurred , these Americans were mostly living on fixed incomes : savings , retirement investments , and their Social Security . CongressionalHearings/Dodd-Frank/CHRG-111shrg57923/CHRG-111shrg57923--22.txt In addition , language included in H.R. 1242 that passed the House provides for even greater protections for non-public data . CongressionalHearings/Dodd-Frank/CHRG-111shrg57923/CHRG-111shrg57923--22.txt If we can integrate this data into an actionable database , regulators can quickly implement surgical solutions that will apply the appropriate programs and/or funds to the most serious problems .