SHARE
TRANSCRIPT
| TIME | SPEAKER | TEXT |
|---|---|---|
| 00:00:36 |
|
THE HEARING WILL COME TO ORDER. MR. SECRETARY, THANK YOU SO MUCH FOR TAKING TIME TO BE HERE WITH US.... |
| 00:08:39 |
|
THANK YOU MUCH RESEARCH AIRMEN. WE THINK MR. GEITHNER FOR APPEARING BEFORE A COMMITTEE TODAY. AS... |
| 00:14:59 |
|
I APPRECIATE YOUR COMMENTS AS WELL SECRETARY GEITHNER, IF YOU WOULD SUMMARIZE AND WE'LL PUT ANY FULL... |
| 00:15:18 |
|
THANK YOU MR. CHAIRMAN, MR. LUGAR, AND THE COMMITTEE. IT'S A PLEASURE TO BE HERE TODAY. THIS COMMITTEE... |
| 00:21:53 |
|
I THINK THAT YOU CANNOT LOOK AT THREE AREAS TO JUDGE WHETHER THIS CONSENSUS ON REFORM IS GOING TO... |
| 00:23:52 |
|
I AGREE COMPLETELY WITH THAT. I'M DELIGHTED TO HEAR OF THOSE NEGOTIATIONS ARE MAKING PROGRESS. WHEN... |
| 00:24:07 |
|
ON ALL OF THESE FRONTS? |
| 00:24:09 |
|
I WILL GIVE YOU AN EXAMPLE, ON A NEW ACCORD ON CAPITAL REQUIREMENTS FOR FINANCIAL INSTITUTIONS, CAPITAL... |
| 00:24:42 |
|
WHAT WE DO WANT FINANCIAL REGULATORY REFORM OF NEXT YEAR HAVE AN IMPACT ON THAT? |
| 00:24:47 |
|
ABSOLUTELY. I THINK WE HAVE TO BE ABLE TO SET THE INTERNATIONAL AGENDA ON REFORMS. BECAUSE WE CAN'T... |
| 00:25:28 |
|
WHAT I HAVE HEARD IS THE REFORMS WITH RESPECT TO PAY ARE PARTICULARLY COMPLICATED WHAT EVER. CAN YOU... |
| 00:25:40 |
|
THIS IS A TERRIBLY IMPORTANT AND TERRIBLY DIFFICULT ISSUE. THERE'S A BASIC CONSENSUS WE ALL SHARE... |
| 00:27:30 |
|
YOU WERE JUST IN CHINA. THE PRESIDENT I THINK IS SPENDING HIS LAST NIGHT THERE NOW. THEY HAVE CONCLUDED... |
| 00:27:48 |
|
I THINK THE PRESIDENT MADE A LOT OF PROGRESS. I THINK THE BEST TEST OF THAT IS GOING TO BE TO LOOK... |
| 00:29:36 |
|
ONE FINAL QUESTION OF MY COLLEAGUE WOULD PERMIT. THE WORLD BANK AND DEVELOPMENT BANKS HAVE BEEN STRONGLY... |
| 00:30:09 |
|
AS YOU SAID PLEA IN THE LEADERSHIP ROLE IN THIS VERY COMPREHENSIVE CHANGES IN HOW COUNTRIES USE ENERGY... |
| 00:31:49 |
|
THANK YOU VERY MUCH, MR. SECRETARY. I APPRECIATE THE SYNCHED DIRECT ANSWER. |
| 00:31:54 |
|
THANK YOU. SECRETARIES GEITHNER, LET ME DOUBLE BACK TO A COMMENT I MADE IN MIND OPENING STATEMENT... |
| 00:34:27 |
|
SENATOR, LET ME STATE CLEARLY ABSOLUTELY I WELCOME IT PERSONALLY TO CONSULT WITH THE CHAIRMAN AND... |
| 00:36:37 |
|
I APPRECIATE THAT VERY MUCH. AND LIKEWISE TO THE EXTENT WE CAN FURNISH INFORMATION EVEN PRIOR TO REQUEST... |
| 00:37:53 |
|
I WOULD APPRECIATE THAT. |
| 00:37:56 |
|
LET ME JUST ASK THIS, GIVEN WHAT WE HAVE JUST INDICATED SOME AMERICANS WHAT ASK DO WE REALLY NEED... |
| 00:39:18 |
|
LET ME JUST BEGIN BY MAKING THE BASIC STATEMENT THAT EVEN IF ONE BELIEVES, AS I DO, THAT THESE INSTITUTIONS... |
| 00:41:52 |
|
THANK YOU FOR THAT ANSWER AND YOU CAN TELL FROM THE DURING WE ARE INTERESTED IN FOLLOWING THE NITTY... |
| 00:42:08 |
|
THANK YOU. SENATOR SHAHEEN. |
| 00:42:10 |
|
THANK YOU. MR. SECRETARY, THANK YOU FOR BEING HERE THIS AFTERNOON. BEFORE I GET TO MY QUESTION RELATIVE... |
| 00:43:08 |
|
I AGREE WITH YOU. YOU'RE RIGHT. AND WE ARE -- THE PRESIDENT PROPOSED THREE WEEKS AGO CONVENING A WHOLE... |
| 00:43:53 |
|
THANK YOU. AS YOU POINTED OUT, IF WE ARE GOING TO REBALANCE THE WORLD ECONOMY THAT MEANS WE ARE GOING... |
| 00:44:41 |
|
I WOULD FOCUS ON TWO BROAD SETS OF CHANGES AND IT IS A VERY COMPLICATED SET OF REFORMS YOU NEED. ONE... |
| 00:45:50 |
|
YOU TALKED ABOUT FINANCIAL REGULATORY REFORM AS BEING CRITICAL AND MENTIONED EXECUTIVE COMPENSATION.... |
| 00:46:04 |
|
I THINK THE MOST IMPORTANT THINGS ARE ABOUT THE BASIC STANDARDS THAT DETERMINE HOW RISKY MAJOR INSTITUTIONS... |
| 00:48:40 |
|
AND MY FINAL QUESTION, -- I THINK THE ADMINISTRATION HAS BEEN SUCCESSFUL IN GOING AFTER SOME OF THE... |
| 00:49:09 |
|
THANK YOU VERY MUCH FOR HIGHLIGHTING THIS VERY IMPRESSIVE SET OF CHANGES. IN JUST A SHORT PERIOD OF... |
| 00:49:25 |
|
SWEEPING CHANGES. WITH SWITZERLAND AND THE MAJOR OFFSHORE FINANCIAL CENTERS COMING IN FROM THE COAL... |
| 00:49:46 |
|
SO, NOW, SPECIFICS THAT YOU WANT TO POINT OUT? |
| 00:49:49 |
|
YOU WILL SEE MORE. WE WANT TO SEE MORE AGREEMENT ON INFORMATION EXCHANGE WITH THE REMAINING COUNTRIES... |
| 00:50:12 |
|
IF SENATOR COFFIN WERE HERE HIGH SURE HE WOULD WANT TO KNOW IF WOULD BE HELPFUL TO PASS THEM ALL?... |
| 00:50:19 |
|
I'M SURE THAT WOULD BE HELPFUL AND I AM SURE THERE ARE OTHER THINGS YOU CAN DO TO HELP REINFORCE THE... |
| 00:50:25 |
|
THANK YOU. |
| 00:50:29 |
|
THANK YOU, SENATOR. SENATOR ISAACSON. |
| 00:50:32 |
|
THANK YOU FOR YOUR SERVICE, MR. SECRETARY AND I APPRECIATE YOUR COMMENTS ABOUT REFERRING TO BANKS,... |
| 00:51:48 |
|
I AGREE WITH YOU. YOU SAID IT WILL BUT I WOULD NOTE BANKS WERE NOT PERFECT. |
| 00:51:55 |
|
NOPE, NOPE. |
| 00:51:57 |
|
LOTS OF BANKS -- |
| 00:51:59 |
|
IT WAS ABLE TO STATEMENT. THERE WERE WEAKNESSES AND SUPERVISION OF BANKS AS WELL. |
| 00:52:05 |
|
TWO QUICK QUESTIONS OR OBSERVATIONS. ONE IS TELL ME WHAT YOU SEE IN THIS OVERSIGHT AFTER THE IT TO... |
| 00:52:16 |
|
WE ARE TRYING TO DO THE FOLLOWING TWO THINGS. THE FIRST IS TO BRING THE STANDARDIZED PART OF THE ... |
| 00:54:17 |
|
THE WAS THE BASIC GENESIS OF THE 85 BILLION-DOLLAR CALLED IN ON AIG IF I'M NOT MISTAKEN. |
| 00:54:22 |
|
AIG, ONE OF THE WORST EXAMPLES BUT NOT THE ONLY EXAMPLE, AGAIN, OF THE FIRMS THAT WROTE A HUGE AMOUNT... |
| 00:54:35 |
|
ONE OF THEIR QUESTION. WHEN YOU REFER TO RESTRICTIONS ON COMPENSATION AS I UNDERSTAND IT, A LOT OF... |
| 00:54:55 |
|
WE DO NOT BELIEVE, ALTHOUGH A LOT OF PEOPLE SEEM TO THINK THIS WOULD BE JUST AND FAIR AND WE DO NOT... |
| 00:55:54 |
|
DO YOU SEE THE THRESHOLD IN THE TO BE A T.A.R.P. RECIPIENT OR THAT SHOULD APPLY WHETHER THEY RECEIVE... |
| 00:56:01 |
|
THOSE ARE IMPORTANT ACROSS THE SPECTRUM. THE AUBREY CLAUSE PLATER A CRITICAL ROLE IN THE ECONOMY AS... |
| 00:56:28 |
|
ON THAT SUBJECT AND I WILL CONCLUDE YOU KNOW THERE ARE CORPORATIONS THAT HAVE DONE THEIR BEST TO MAKE... |
| 00:56:57 |
|
WE HAVE PROPOSED LEGISLATION THE HOUSE HAS PASSED TO REQUIRE YOUR SAY ON PAY, TO SUBMIT TO SHAREHOLDERS... |
| 00:57:06 |
|
ANOTHER FORM OF TRANSPARENCY -- |
| 00:57:08 |
|
I THINK THAT CAN HELP A LOT. |
| 00:57:11 |
|
THANK YOU, MR. CHAIRMAN. |
| 00:57:12 |
|
SECRETARIES GEITHNER, LET ME FOLLOW ON THE TRANSPARENCY ISSUE. AND LET ME THANK YOU FOR YOUR SERVICE... |
| 00:58:16 |
|
I AGREE WITH YOUR EMPHASIS. I THINK THAT INITIATIVE IS A VERY VALUABLE INITIATIVE. AND I WOULD --... |
| 00:58:55 |
|
THANK YOU. WE WILL TAKE YOU UP ON YOUR OFFER ON THE WAYS IN WHICH WE CAN BE HELPFUL IN DEALING WITH... |
| 00:59:36 |
|
YOU DESCRIBE THE BASIC TENSION EXACTLY RIGHT WHICH IS IF YOU MAKE IT UNIVERSAL YOU WON'T BE ABLE TO... |
| 01:00:29 |
|
LET ME CHANGE THE SUBJECT IF I MIGHT AND TALK ABOUT A SUBJECT WE HAVEN'T HAD MUCH DEBATE IN CONGRESS... |
| 01:01:25 |
|
AGAIN USE IT WELL AND THAT IS THE BASIC INTENT OF FACING THE COUNTRY AMONG MANY. IT IS ENCOURAGING... |
| 01:03:25 |
|
I WOULD JUST POINT OUT THAT WHEN AMERICA'S ECONOMY WAS GROWING AT A PRETTY FAST RATE JUST A FEW YEARS... |
| 01:04:25 |
|
I COMPLETELY AGREE WITH YOU AND LIKE THE WAY YOU SAID IT. THE FINANCIAL REFORMS WE ARE ENGAGED WITH... |
| 01:04:55 |
|
THANK YOU, MR. CHAIRMAN. |
| 01:04:57 |
|
MY PLEASURE. |
| 01:04:58 |
|
SORRY I WASN'T HERE TO RECOGNIZE YOU BUT I AM HERE NOW FORMALLY RECOGNIZE YOU. SENATOR CORKER. |
| 01:05:05 |
|
MR. CHAIRMAN, THANK YOU FOR HAVING THIS HEARING AND MR. SECRETARY HAS ALWAYS BEEN TO SEE YOU. |
| 01:05:09 |
|
AS ALWAYS, GOOD TO SEE YOU. |
| 01:05:12 |
|
AS YOU CAN IMAGINE WE ARE IN SOME PRETTY INTENSE MEETINGS RIGHT NOW AS WE ARE GETTING READY TO WORK... |
| 01:06:13 |
|
WITH ME REASSURE YOU AS WE HAVE IN THE PAST WE ARE NOT PROPOSING AND I WOULD BALL SUPPORT PUTTING... |
| 01:06:32 |
|
I DON'T WANT TO TALK ABOUT WHAT WE ARE DOING. I'M FAMILIAR WITH ALL THREE PROPOSALS. WHAT IS IT THAT... |
| 01:06:39 |
|
I THINK IT'S RELEVANT TO THIS BECAUSE IT'S IMPORTANT FOR THIS FOUNDATION OF WHAT WE WANT TO GET THEM... |
| 01:08:08 |
|
SO IT IS NOT YET ADEQUATELY ADDRESSED? |
| 01:08:11 |
|
I DON'T THINK IT IS ADEQUATELY ADDRESSED. |
| 01:08:14 |
|
AND YOU GUYS, THE TREASURY HAS MADE IMPROVEMENTS IN WHAT THEY PROPOSE. THERE'S STILL A PRETTY GAPING... |
| 01:08:35 |
|
I AGREE WITH THE WAY YOU PUT IT. |
| 01:08:37 |
|
I KNOW YOU ARE STILL COMING OUR WAY AND THERE IS MORE TO COME, BUT I APPRECIATE THAT. |
| 01:08:43 |
|
YOU COME OUR WAY, TOO, A LITTLE BIT. |
| 01:08:46 |
|
WE ARE WORKING TOWARD THAT RESOLUTION. THE RESOLUTION PIECE IS OBVIOUSLY -- CIZIK WE DID NOTHING... |
| 01:09:09 |
|
I THINK BASICALLY THEY ARE BEHIND EVEN WHERE WE ARE ON THIS. IN MOST COUNTRIES HAVE A DIFFERENT REGIME... |
| 01:10:15 |
|
AGAIN WE ARE AHEAD THEIR -- |
| 01:10:18 |
|
WE ARE NOT AHEAD DEBT. |
| 01:10:20 |
|
AS FAR AS THINKING GOES. THE CONSUMER PROTECTION PEACE HAS EUROPEAN UNION AND MANY OF THE ENTITIES... |
| 01:10:41 |
|
A GOOD QUESTION AND I THINK IT VARIES ACROSS ALL THOSE ECONOMIES. AND I DON'T -- I CAN'T TELL YOU... |
| 01:11:37 |
|
I THINK IN A SEPARATE ENTITY THAT HAS RULEMAKINGS AND SUPERVISION AND ALL THOSE, I THINK THAT IS AN... |
| 01:12:16 |
|
I WAS ACTUALLY TALKING MORE ABOUT REINFORCING THEIR ROLE IN THE PROVINCIAL AT LEAST IN THE REGULATED... |
| 01:13:06 |
|
I THINK THERE IS A LOT OF THOUGHT AND SUPPORT ON THE DESIGN OF THE CAPITAL COURT AS WELL. BUT THE... |
| 01:14:02 |
|
SECRETARY, THANK YOU PURE I TRIED TO STICK TO THE SUBJECT MATTER AT HAND. I KNOW THERE'S A LOT ME... |
| 01:14:10 |
|
THANK YOU, SENATOR CORKER. WE WILL WRAP UP HERE VERY DEE DEE COVERLEY PROMPTLY. COLLEAGUES HAVE A... |
| 01:14:52 |
|
CAN I SLIGHTLY AMEND WHAT YOU SAID? ON THE FINANCIAL AREA, CENTRAL BANKS AND FINANCE MINISTRIES, WE... |
| 01:15:22 |
|
SAID THE G7 GROUP OF THE FINANCE MINISTERS TO CONTINUE -- |
| 01:15:27 |
|
AGAIN, WE WANT TO MAKE SURE WHAT WE DO AND FORMALLY IN THAT GROUP IS CONTRIBUTING TO NOT UNDERMINING... |
| 01:16:09 |
|
IS IT THE -- ARE YOU CONVINCED THE GREAT PARTIES ARE AT THE TABLE AT THE GIF 20? |
| 01:16:15 |
|
I GUESS IT'S THE BEST OF THE ALTERNATIVES AVAILABLE TODAY. IT'S NOT PERFECT AND AGAIN IF YOU LOOK... |
| 01:16:32 |
|
SO CAN NEW COUNTRIES JOIN THE GIF 20? |
| 01:16:37 |
|
AGAIN, OUR VIEW IS THAT CAN'T MAKE IT BIGGER WITHOUT UNDERMINING ITS EFFECTIVENESS. AND WE HAVE EXPERIMENTED... |
| 01:16:56 |
|
AND HOW DO YOU BRING INTO THE LUCRATIVE PROCESS THE BIG DECISION CONCERNS OF THE FOLKS OUTSIDE OF... |
| 01:17:09 |
|
WELL, SINGAPORE IS A GOOD EXAMPLE. SINGAPORE HAS BEEN AT THE TABLE IN THESE MEETINGS AT LEAST OVER... |
| 01:17:28 |
|
SITTING AT TABLE LESS PLUS MEMBERS OR -- |
| 01:17:30 |
|
WE DON'T USE THE WORD PLUS BUT THEY ARE SITTING AT TABLE AND HAVE AN OPPORTUNITY TO CONTRIBUTE AND... |
| 01:17:38 |
|
THEY AREN'T THERE IN THE WAY THAT PEOPLE COMPLETE PRIOR WITH THE G8 SORT OF COFFEE BREAKS AND TO SPEAK?... |
| 01:17:46 |
|
NO, IT'S THERE FROM THE BEGINNING. THEY SIT AROUND THE TABLE FROM THE BEGINNING TO THE END OF THE... |
| 01:18:40 |
|
WE TAKE A PRAGMATIC TEST OF THESE THINGS WITH AN IMPORTANT INTEREST REKINDLE THE ADVANCE WITH THE... |
| 01:18:55 |
|
DOES THE HOSTING ROTATE AUTOMATICALLY? |
| 01:19:00 |
|
GUY FORGET THE ROTATION BUT IT IS ENOUGH FOR NOW. |
| 01:19:06 |
|
IS THERE ANY FIRE WALL AGAINST THE POSSIBILITY THAT THE ENTITY BY DEVOLVE INTO NOT JUST ECONOMIC BUT... |
| 01:19:19 |
|
THESE ARE NOW MEETINGS OF LEADERS NOT JUST THE FINANCIAL MINISTERS AND BANK GOVERNORS. HEADS OF STATES... |
| 01:19:51 |
|
AG EIGHT WAS MADE UP OF CAPITALIST COUNTRIES AND THE AL WINKLER HAS NEXT. YOU HAVE STATE LED, SOME... |
| 01:20:18 |
|
IT IS FUNDAMENTALLY ON HOW EFFECTIVE WE ARE. IN BRINGING TO THE TABLE NOT JUST POLICY TO DEMONSTRATE... |
| 01:21:37 |
|
WITH THE DIFFERENT MEMBERS REPRESENTING THE OIL-PRODUCING COUNTRIES BUT ALSO THE BIGGEST CONSUMERS,... |
| 01:21:59 |
|
YOU SAW THE PRESIDENT IN BOOTS HER GET BACK GROUP OF COUNTRIES INCLUDING SAUDI ARABIA AND COUNTRIES... |
| 01:22:41 |
|
THIS THE G20 NEED AN ENFORCEMENT MECHANISM? |
| 01:22:43 |
|
GETTELFINGER FED IS RIGHT WAY TO THINK ABOUT THE 86 HER AS REDESIGNED THE POLITICAL AGREEMENT ON ... |
| 01:23:12 |
|
I HAVE BEEN INFORMED YOU HAVE A BOAT SHORTLY SO I WILL NOT CONTINUE. NO ADDITIONAL QUESTIONS? FIRST... |
| 01:23:31 |
|
THANK YOU FOR MOVING SO QUICKLY TO MOVE OUT OF COMMITTEE TO SAID THE VERY SENIOR IMPORTANT OFFICIALS.... |
| 01:23:50 |
|
IT IS ONLY NOVEMBER AND WE HAVE A LOT OF TIME AHEAD OF US BUT IT WOULD BE GOOD IF THEY WERE IN PLACE.... |
| 01:23:57 |
|
IT IS STUNNING IT HAS TAKEN SO LONG IF I AM SURE WITH YOU COMING AND OF THE PRIVATE SECTOR AND IT... |
| 01:24:04 |
|
BAIR GREAT PEOPLE AND I AM VERY LUCKY WE HAVE PEOPLE OF THIS EXPERIENCE AND TALENT. |
| 01:24:10 |
|
I KNOW THAT. WE'LL AFFORD TO APPROVING THEM BUT I DO WANT TO SAY I DO THINK YOU HAVE HAD AN EXTRAORDINARY... |
| 01:24:54 |
|
WE LOOK FORWARD TO CONTINUING IT. |
| 01:25:02 |
|
WE STAND ADJOURNED. [INAUDIBLE CONVERSATIONS] |
NOTE: The transcript for this program was compiled from uncorrected Closed Captioning.
