Catherine Cortez Masto actually said...

I think we have reached the point in this industry where, yes, there needs to be a role for the SEC.

As a matter of practice, we generally support disclosure as a tool to address conflicts of interest.

Those guidelines that you have identified, is that a best practice across the country for the State comptrollers?

If it flows our access to information, compromises their independence, and poses significant cost incentives, we would oppose it.