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I know a lot of people point to -- the Dodd-Frank act as.
You know about killer.
Well thank you it's a pleasure to be here.
You know -- the Dodd-Frank act is.
Legislation that has been promo gated that was created after the financial crisis.
And frankly I think the jury is still out as to whether that is -- bad or good for banks but it was clearly designed to support the consumer.
But at the same time there's all these fees and all these rules and all those fees in the costs of those rules will inevitably be passed on to the consumer so are we helping the consumer.
I think that's you know it's it's it's a question and down by the jury's still out but the hope is that it will support the consumer.
Do you think the industry supports Dodd-Frank -- now number.
I think the industry and the hasn't.
There's both -- and cons on it but.
-- again we'll we'll have to see where where it goes.
You know the paging division that Russia is hanging over everyone's head that was signed after September 11 to basically track.
International monetary transactions because there was money coming in and out.
From the terrorists.
That's hindered banks as well though in a weird way hasn't it.
-- pretty clear right the Patriot Act was legislated after September 11 because the US government realize that the terrorists on the rogue nations that were behind that.
-- western banking institutions.
To support their activities.
So is in direct response to that and the goal was to ensure -- that the burden.
To know your customer was placed on the banks themselves.
So that they would understand who they were dealing with and where the money was coming from.
There are needs I understand for -- you know illicit money laundering and things like that but at the same time.
Unfortunately there's always adverse effects to this kinda stuff so.
If I'm a money needed money in any can't live without -- right it's so what's a happy medium 'cause I'm not sure either the Dodd-Frank more than -- -- aren't happy medium.
Well I think the banks have welcomed the that the legislation.
-- banking process in two ways one is -- know your customer.
And that is when a new customer comes in and tries to open up an account.
You you go through a process of truly understanding -- -- are you used there.
ID number so you understand that that there are legitimate and a bank wants to work with someone -- legitimate.
And then secondly.
The legislation is designed so that you understand do they have a legitimate business and how is that money made so.
I don't think any bank wants to be complicit in working with terrorists and so what this does is it creates a transparent process.
And the bank's share and making us all safer.
What do you think if you could could you know.
You can create the perfect little set of rules and regulations -- out what what from where you sit is most needed.
I think this isn't a good first step.
-- Being patriot and legislation they will continue to amend it.
But but frankly I think it's that it's -- -- process that they have in place and the banks.
Are working through that process globally so I think I think we're in -- showcase space right.
Now you know lot of people worry that the people -- down there making all these rules and regulations up at no banking experience whatsoever we consistently -- a transaction tax comes up often in.
They could trying to clamp down on high frequency trading things like that.
There's got to be a way to get some Smart people down there to make -- More appropriate rules and regulations why can't we get Smart Wall Street to go down there and help our DC brother and come up with -- that works for everyone.
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