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[0] PANEL II OF A HEARING OF THE SENATE BANKING COMMITTEE SUBJECT: CREATING A CONSUMER FINANCIAL PROTECTION AGENCY: A CORNERSTONE OF AMERICA'S NEW ECONOMIC FOUNDATION CHAIRED BY: SENATOR CHRISTOPHER DODD (D-CT) WITNESSES: RICHARD BLUMENTHAL, ATTORNEY GENERAL, STATE OF CONNECTICUT; EDWARD YINGLING, PRESIDENT & CEO, AMERICAN BANKERS ASSOCIATION; TRAVIS PLUNKETT, LEGISLATIVE DIRECTOR, CONSUMER FEDERATION... (Part 6).

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PANEL II OF A HEARING OF THE SENATE BANKING COMMITTEE SUBJECT: CREATING A CONSUMER FINANCIAL PROTECTION AGENCY: A CORNERSTONE OF AMERICA'S NEW ECONOMIC FOUNDATION CHAIRED BY: SENATOR CHRISTOPHER DODD (D-CT) WITNESSES: RICHARD BLUMENTHAL, ATTORNEY GENERAL, STATE OF CONNECTICUT; EDWARD YINGLING, PRESIDENT & CEO, AMERICAN BANKERS ASSOCIATION; TRAVIS PLUNKETT, LEGISLATIVE DIRECTOR, CONSUMER FEDERATION OF AMERICA; PETER WALLISON, ARTHUR F. BURNS FELLOW IN FINANCIAL POLICY STUDIES, AMERICAN ENTERPRISE INSTITUTE; SENDHIL MULLAINATHAN, PROFESSOR OF ECONOMICS, HARVARD UNIVERSITY LOCATION: 538 DIRKSEN SENATE OFFICE BUILDING, WASHINGTON, D.C. TIME: 9:00 A.M. EDT DATE: TUESDAY, JULY 14, 2009(Part 6)

So do the recent credit card reforms. I think we're moving in the direction that keeps alive the federal system. And I think they can be harmonized.

MR. PLUNKETT: I would just add that if the minimum is high enough, then you will achieve uniformity because most states won't see the need to exceed that minimum.

SEN. REED: Thank you.

Senator Corker?

SEN. CORKER: Mr. Chairman, thank you. And I thank you each of you as witnesses. It's always highly beneficial of us -- to us to have people like you here. And I thank you for that.

Mr. Wallison, I do want to thank you for your comments. I agree with almost everything you've said, and we've met many times. I appreciate, certainly, your testimony today.

Mr. Professor, I listened to the pixels and the ring fences and very much appreciated what you had to say, also. I still was unclear, though, as to whether you viewed disclosure -- you were talking about the psychology of people purchasing things in an economy -- whether you believe that disclosure is enough or whether you believe, like this administration, that they are wise men that...

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