Good morning. It is a pleasure to be with you today at one of the defining moments in our nation’s financial history. I’d like to thank Professor Mitchell for that kind introduction and George Washington University Law School for inviting me.
One year ago, the financial system failed the American public. The financial regulatory system failed the American public.
Congress responded swiftly to the crisis and committed more than $700 billion of taxpayer money to rescuing the financial industry – without which the financial system never would have stabilized. The crisis was not isolated to Bear Stearns, Lehman Brothers or AIG. It threatened the savings and livelihoods of every American. Let us recall, the financial bailout was only a means of getting a sinking ship back to port. It is now our responsibility to fix the ship before it can set sail again. We must ensure that this type of failure never threatens our nation again.
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