So, they can take on and gamble in those markets?

That is a yes-or-no question. Will there be a negative impact on liquidity?

And second, your takeaway is that to be a prudent investor, as Ms. Shean and Mr. Friedman should be going forward, is that you should roll your money every so often from one broker-dealer to another broker-dealer as soon as you have come…

I want to begin by directly recognizing and commending the esteemed gentlelady from New York, my colleague, for all of her hard work and dedication to this bill and to this issue as well.

I think that is one of the takeaways from today is that first, you are willing to change the SIPC logo to say that there is a caveat and that your members will now have a caveat or statement, and that should be indicated to them on a…

If you wish to put an addendum saying SIPC does not permit the payment of fraudulent, fictional profits, we would be in agreement.

SIPC advanced $800 million to the victims of the Madoff Ponzi scheme.

The answer is zero. And the reason the answer is zero, sir, is because it would take money away from people who did not get their own money.

From a public policy point of view, it is essentially we protect the smaller investor and the middle-class investor.

This legislation and the statute was intended--its very purpose was to protect the small investor.

I believe the draft offers a practical step forward with XBRL requirements in line with the intent of the JOBS Act.