House Proceeding 03-18-09 on Mar 18th, 2009 :: 1:16:15 to 1:18:30
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1:16:12 to 1:16:32( Edit History Discussion )

Bruce Braley: and find some problem and some pushback, maybe, from the administration, do y'all recall that? mr. braley: would you yield? mr. cohen: i'll yield to the gentleman from iowa. mr. braley: retried to get effective regulation but i'm

1:16:15 to 1:18:30( Edit History Discussion )
Speech By: Bruce Braley

1:16:33 to 1:16:53( Edit History Discussion )

Bruce Braley: confident that no action was taken because a lot of different reasons. but i think you've brought up a eat point. one that came up at this hearing that we had back on october 7, and that is that when i was in law school in 1980 to 1983 the insurance industry and the financial services sector was completely different than it is

1:16:54 to 1:17:14( Edit History Discussion )

Bruce Braley: today. one of the things that came out of the hearing was that a.i.g.'s insurance business was so successful which was why even though they lost $11 billion in their london office they only had a loss of $1.53 billion because of the offsets of their insurance business.

1:17:15 to 1:17:36( Edit History Discussion )

Bruce Braley: and their sole responsibility was to their policyholders. and then we had west saw a lot of blurrin various types of financial services providers. why is that importan well, in this case it's important because insurance companies going way back to the mckarine-ferguson act, had

1:17:37 to 1:17:58( Edit History Discussion )

Bruce Braley: oversight by the federal government. and when you see them providing insurance products branching into other types of financial services and vice versa you get a lot of confusion and then the big push, as my friend from louisville mentioned, is returning profits to shareholders, not providing a conservative return on

1:17:59 to 1:18:20( Edit History Discussion )

Bruce Braley: investments to protect policyholders. and so what happened has continued de-emphasis on deregulation was part of the federal approach to all of these products. we had things going on that were completely beyond the control of the average investor. in fact, these c.e.o.'s testified during the hearing that their understanding of

1:18:21 to 1:18:31( Edit History Discussion )

Bruce Braley: creditefault swaps was in fact quite limited, which is a shocking thing when you think of how deeply this company that they were shepherding was