On the recordNovember 3, 2011
I thank my friend. One other new term in the bill that we ought to have some discussion about is ``intermediary.'' Intermediary in the bill is more or less a custodian of funds. Am I correct or not? I yield to my friend. Mr. McHENRY. I appreciate the gentleman. The intention would be that the intermediary is, in essence, the conduit of funds. There's the notion of the broker-dealer, which is well established in law. What this does is, it's similar to a broker- dealer; but it is a very low-regulatory, low-cost basis of doing it. What this is, in essence, is an intermediary defined as Websters would define an intermediary. And I think that's probably the better way to describe it.
