CongressionalHearings/Dodd-Frank/CHRG-111hhrg56778/CHRG-111hhrg56778--127.txt Mr. Dilweg , '' So in a different scenario , Congressman , where you 're simply paying for IT or services , administrative services . CongressionalHearings/Dodd-Frank/CHRG-111hhrg56778/CHRG-111hhrg56778--15.txt I have interacted with the Federal Reserve , the U.S. Treasury , and the FHFA in order to share information of common interest on these significant companies . CongressionalHearings/Dodd-Frank/CHRG-111hhrg56778/CHRG-111hhrg56778--15.txt Many of the same States that are FAWG members also interact with Federal agencies because of the nature of their domestic insurance market . CongressionalHearings/Dodd-Frank/CHRG-111hhrg56778/CHRG-111hhrg56778--15.txt These provide the tools for us as individual State regulators to handle these complicated groups of insurance companies and individual insurance companies . CongressionalHearings/Dodd-Frank/CHRG-111hhrg56778/CHRG-111hhrg56778--15.txt I have had the privilege of working with Congresswoman Moore , I have decided , for the last 17 years in and around State and Federal Government , so I appreciate those kind words . CongressionalHearings/Dodd-Frank/CHRG-111hhrg56778/CHRG-111hhrg56778--15.txt As alluded to by earlier panelists , many individual State insurance departments in the NAIC do interact with our Federal counterparts . CongressionalHearings/Dodd-Frank/CHRG-111hhrg56767/CHRG-111hhrg56767--41.txt Any other approach puts at risk the management of more than $ 5 trillion in mortgage credit risk that is supported by the taxpayers . CongressionalHearings/Dodd-Frank/CHRG-111hhrg56776/CHRG-111hhrg56776--273.txt It would be a mistake to remove the Federal Reserve 's economic expertise from the country 's financial supervisory structure . CongressionalHearings/Dodd-Frank/CHRG-111hhrg56776/CHRG-111hhrg56776--273.txt The Federal Reserve Bank of Kansas City , the Federal supervisor of my bank , brings to its bank supervisory role a highly regarded expertise in the agricultural economy . CongressionalHearings/Dodd-Frank/CHRG-111hhrg56776/CHRG-111hhrg56776--273.txt Federal Reserve Chairman Bernanke recently testified that the Federal Reserve 's supervision of community banks gives the Fed insight into what has happened at the grass roots level to lending and to the economy . CongressionalHearings/Dodd-Frank/CHRG-111hhrg56776/CHRG-111hhrg56776--273.txt For decades , the Federal Reserve has played a critical role in the banking regulatory system as a supervisor of State member banks and holding companies . CongressionalHearings/Dodd-Frank/CHRG-111hhrg56776/CHRG-111hhrg56776--273.txt The record shows the Federal Reserve has been a very effective regulator of community banks , and this role should be preserved . CongressionalHearings/Dodd-Frank/CHRG-111hhrg56776/CHRG-111hhrg56776--273.txt The contributions and views of the Federal Reserve have been an important part of this regulatory diversity , which would significantly be diminished if the Federal Reserve were stripped of all or most of its supervisory authority . CongressionalHearings/Dodd-Frank/CHRG-111hhrg56776/CHRG-111hhrg56776--273.txt Although the primary responsibility of the Federal Reserve is to conduct monetary policy , the ICBA opposes separating the Federal Reserve 's monetary policy role from its role as financial supervisor . CongressionalHearings/Dodd-Frank/CHRG-111hhrg56776/CHRG-111hhrg56776--273.txt Mr. Gerhart , '' Chairman Watt and members of the committee , I am Jeff Gerhart , president of the Bank of Newman Grove in Newman Grove , Nebraska . CongressionalHearings/Dodd-Frank/CHRG-111hhrg56776/CHRG-111hhrg56776--273.txt The Federal Reserve 's expertise in agriculture enhances its ability to supervise Midwestern community banks like mine with a significant ag loan portfolio . CongressionalHearings/Dodd-Frank/CHRG-111hhrg56776/CHRG-111hhrg56776--273.txt Having multiple Federal agencies supervising depository institutions provides valuable regulatory checks and balances and promotes best practices among those agencies . CongressionalHearings/Dodd-Frank/CHRG-111shrg57709/CHRG-111shrg57709--6.txt And prior to this time , as I think all on this Committee know and others working in the investment banking world , Chairman Volcker served as Chairman of the Federal Reserve from 1979 to 1987 under Presidents Carter and Reagan . CongressionalHearings/Dodd-Frank/CHRG-111shrg57709/CHRG-111shrg57709--6.txt Chairman Dodd , '' Chairman Volcker , again , I think most people here know you , but just for the sake of the record here , Paul Volcker currently serves as Chair of the President 's Economic Recovery Advisory Board . CongressionalHearings/Dodd-Frank/CHRG-111shrg57709/CHRG-111shrg57709--248.txt Securities underwriting and sales is the one area that you will most certainly not hear President Obama or Bill Donaldson or Chairman Volcker or HFS Committee Chairman Barney Frank mention . CongressionalHearings/Dodd-Frank/CHRG-111shrg57709/CHRG-111shrg57709--248.txt The lesson to take from the Volcker-Corrigan relationship is do n't look for any reform proposals out of Chairman Volcker that will truly inconvenience the large , TBTF dealer banks . CongressionalHearings/Dodd-Frank/CHRG-111shrg57709/CHRG-111shrg57709--248.txt DESKS ARE NOT THE PROBLEM January 25 , 2010 By Christopher Whalen There are certain basic things that the investor must realize today . CongressionalHearings/Dodd-Frank/CHRG-111shrg57709/CHRG-111shrg57709--248.txt The arrival of AIG into the high-beta world of Wall Street finance in the 1990s represented a completion of the historical circle and also the evolution of AIG and other U.S. insurers far beyond the reach of state law regulation . CongressionalHearings/Dodd-Frank/CHRG-111shrg57709/CHRG-111shrg57709--248.txt Volcker 's protege , never forget , was E. Gerald Corrigan , former President of the Federal Reserve Bank of New York and the intellectual author of the `` Too Big To Fail '' -LRB- TBTF -RRB- doctrine for large banks and the related economist nonsense of `` systemic risk . '' CongressionalHearings/Dodd-Frank/CHRG-111shrg57709/CHRG-111shrg57709--248.txt Author Martin Mayer teaches us that another name for OTC markets is `` bucket shop , '' thus the focus on prop trading today in the Volcker Rule seems entirely off target -- and deliberately so . CongressionalHearings/Dodd-Frank/CHRG-111shrg57709/CHRG-111shrg57709--248.txt The final solution had nothing to do with the actual problem and everything to do with the strange political relationship between the national Congress , the central bank and the Wall Street dealer community . CongressionalHearings/Dodd-Frank/CHRG-111hhrg58044/CHRG-111hhrg58044--31.txt In our Insurance Data Services Group , we provide a variety of products and services to support the insurance industry , including credit-based insurance scores . CongressionalHearings/Dodd-Frank/CHRG-111hhrg58044/CHRG-111hhrg58044--31.txt LexisNexis provides technology and information that helps businesses , government agencies , and other organizations reduce fraud and mitigate risks . CongressionalHearings/Dodd-Frank/CHRG-111hhrg58044/CHRG-111hhrg58044--310.txt And , Mr. Chairman , thank you for holding this hearing about the use of credit reports in areas beyond lending , such as employment and insurance . CongressionalHearings/Dodd-Frank/CHRG-111hhrg58044/CHRG-111hhrg58044--310.txt For that reason , we strongly support H.R. 3149 , and we thank Chairman Gutierrez and Congressman Steve Cohen for introducing it . CongressionalHearings/Dodd-Frank/CHRG-111shrg61651/CHRG-111shrg61651--132.txt As I see it , and with the exception of community banks , this approach is a nonstarter given the long history of credit problems over the business and credit cycle . CongressionalHearings/Dodd-Frank/CHRG-111shrg61651/CHRG-111shrg61651--132.txt Fourth ; given all that we have been through over the past 2 years , many observers are raising the perfectly natural question of whether society really needs large and complex financial institutions . CongressionalHearings/Dodd-Frank/CHRG-111shrg61651/CHRG-111shrg61651--132.txt A less extreme , but still transformational structural change has been suggested by Chairman Volcker and endorsed by President Obama . CongressionalHearings/Dodd-Frank/CHRG-111shrg61651/CHRG-111shrg61651--132.txt Higher and more rigorous capital and liquidity standards that recognize the compelling reality that managing and supervising capital adequacy and liquidity adequacy must be viewed as a single discipline .