Jack Reed actually said...

I want to commend you and Ranking Member Shelby for holding this hearing because, looking back over the last several years, there were many,...

That is a possibility, and specifically it is addressed by Congress in Dodd-Frank.

But here is the situation. You have a prominent fund that miscalculated, in the case of the experience in 2008...

So you could have essentially a system in which some are regulated and some are not.