Chairman Dodd, Ranking Member Shelby, members of the Banking Committee. I'm pleased to be here today to testify about the Administration's plan for financial regulatory reform.
Over the past two years, our nation has faced the most severe financial crisis since the Great Depression. Our financial system failed to perform as it should have – by distributing and reducing risk.
Instead, the system magnified risk. Some of the world's largest institutions failed. The resulting damage on Wall Street hit Main Streets across the country, affecting virtually every American.
Millions have lost their jobs, families have lost their homes, small businesses have shut down, students have deferred college, and seniors have shelved retirement plans.
American families are making essential changes in response to this crisis. It is our responsibility to do the same – to make our government work better.
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