Jack Reed actually said...

"Can you give us the assurance that these derivatives rules are at the very top of your list to get done very quickly?"

"they would be required, because they are dispensing Federal funds, to ensure that they do so for the benefit of the student, and if there is an arrangement with a financial institution, it benefits th..."

"Is not the solution--at least in concept--to require the school, who is the intermediary, to act as a fiduciary for the student, that----"

"So, the choice is either let the student decide or, if you are deciding for the student, you have to do it in the best interest of the student. That seems to make sense."