Thank you very much. And Mr. Dear, thank you for your testimony and also for your leadership.

The Private Fund Transparency Act of 2009, which Chairman Reed recently introduced, would eliminate the small-adviser exemption from the Advisers Act.

I guess we will have to bring back the draft, Jim.

There seems to be a recognition by all that further transparency is important, to get the data, to get the information.

We applaud your leadership in this effort, and we look forward to working with you and others so that we all get this right.

Well, we all wish you good luck because your luck will influence greatly the economy.

We commend Chairman Reed for his sensitivity to this issue as well.

And we are very fortunate because our second panel has provided excellent testimony from the vantage point and experience of market participants.

Chairman Reed, Ranking Member Bunning, and Members of the Subcommittee.

I think just a comment. I think this approach of getting the information might also ultimately be beneficial to some hedge fund participants.

I appreciate the fact you seem to speak favorably of the approach of investment advisers.

There are basically three approaches: one is to regulate the fund; two is to regulate the advisers; or three is to give the SEC the authority by regulation to set up rules for exempt entities under both statutes.

As we continue the important work of modernizing our outdated financial regulatory system, I have called this hearing to explore a key aspect of these reforms.

Let me ask a final question. Given these new responsibilities, it would, I presume, require additional resources not only in terms of personnel but technology.

I think also, too, I would just point out for the record that there is no private right of action included in this proposal.

I again want to thank you all, and I particularly want to thank Senator Merkley, because I think we are ready to go.

Thank you very much.

I think the testimony has been excellent.