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Thursday, September 17, 2009

09/17/09 Our financial regulatory system

9/16/2009

Dear Friends,

Earlier this week, President Obama invited me to attend his speech on Wall Street. He spoke directly to industry leaders on the urgency of re-crafting our financial regulatory system. He pointedly reminded the gathered executives that many of their institutions survived, and are now on the road to recovery, thanks to resources provided by the American taxpayer. I think it's fair to say that no one, inside the industry or out, ever wants to see that happen again. Hence the need for a smarter, more competent regulation. Developing that regulation is no easy task. The financial world is radically more complicated and global than it was in the 1930s, when the U.S. government last rethought regulation after an economic calamity. For better or for worse (!), as one of the few Financial Services Committee members with substantial experience in finance, I find myself deep in the mix on these issues.

AF1After the speech, I was invited to join the President on Air Force One for the return journey to Washington. I met with the President and with Chairman Barney Frank. I'm encouraged by the practical and thoughtful approach that the President and the leadership are taking on financial regulatory reform. Action has not been as fast as some would like, but we're talking about incredibly complicated stuff, and I think it's prudent to take the time to get it right.

I hope you'll feel free to contact me with your thoughts.

Best,

Jim

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