of our country if we didn't pass this bill we could find london or frankfurt or years down the road shanghai becoming the financial capital of the world. and the first guy we saw was mr dodd who put the dog in dodd frank he got that a little bit wrong then he got that wrong jack reed would say today that he he regrets those words and mr schumer unfortunately because of this they have made singapore and london the financial capital of the world because with investment banks no no national borders and we talk about competitiveness what is it competitive that goldman sachs for example with its thirty two thousand employees has five thousand in london they are not american foreign exchange students they are london citizens paying the london payroll taxes this competitiveness is a feel good word that actually means exporting american jobs but it could also mean regulatory arbitrage not only between different countries but even in the states that we have them yes regulatory arbitrage is the same thing as when a teenager wants the car keys and mom won't say yes so they go to dad so if you don't lik