You can't get credit if you don't have a job.

We have got to move aggressively on both fronts.

All those wonderful programs that you are talking about mean absolutely nothing to the American people.

I want to first of all thank you for holding this hearing, and I want to thank our witnesses for their testimony today.

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

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

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

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

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

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

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

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

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

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.

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.

As we continue the important work of modernizing our outdated financial regulatory system, I have called this hearing to explore a key aspect of these reforms.

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.