video transcript

Washington has there's dozens of deadlines are put in place tough new finance reforms. And now former FDIC chairman Sheila Bair is stepping in where she sees a -- and financial regulations. It's. We are concerned about the pace of finance reform things are not getting them that should be getting done. Sheila there'll be leading a group called the systemic risk council to decrypt. Expert -- really big names including Paul Volcker. And former CFTC had -- -- Sheila Bair is mostly calling out the financial stability oversight council is supposed to be just super group of regulators after the financial crisis. On top -- different risks in the financial system but that curve has been largely quiet. Even offering -- Seacrest we don't really know what they're doing and with the JPMorgan trading -- It seemed like regulators were not on top of death. She's stepping in and saying that it. This group needs some help from outside. We need more visible outside we need good leadership from have sought. And I mean had a constructive way I hope you know if they don't wanna play a leadership role they're not like her group that they wanna play more of a leadership role we're going to be out there supporting them. There is the obvious choice -- for this organization. -- during a financial crisis. With one of the lead at. -- people in Washington and he also has a reputation for pushing back. When she thinks regulators are being too soft on institutional financial stability oversight council has still not determined which financial giants. We'll be deep systemic. She wants to make sure that the senate tagged comes at the right -- me it does not mean that he's executions are sacred house. Does not mean they come with government here and he's she wants to make sure it's -- systemic tags. It means that these firms have to submit a totally different. That and if they get into financial trouble if their failings if they're no longer solvent. And that financial regulators we'll know how to dismantle that and orderly as it should be a very. Vibrant robust process to make these institutions rationalize your legal structure -- figure out how to break them up and resolve them. If they get into trouble so that the tools are there. This case a lot of Dodd-Frank is a regulatory well there I hope that is all I'll certainly keep pushing from the outside. It's.