Jack Reed actually said...

One of the flaws with Basel II was that there was a great deal of reliance on internal risk models, that banks were essentially grading them...

And that is something that we have had in the United States, but this is a new aspect for Basel III for the whole community.

We do not have any legal obligation. It is not a treaty.

Indeed, but one of the problems which I think we mentioned with Basel II was that banks were--they were categorized, but they were the ones ...