I think it is important to point out that the cap is 36 percent.
A final question. I am concerned about the impact on municipal participants.
I want to commend you and Ranking Member Shelby for holding this hearing because, looking back over the last several yea...
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.
I think that has to be acknowledged.
We have to contemplate, particularly after 2008, things that seem so far removed from the day-to-day practice.
But here, again, I think Senator Shelby's comments go right to the heart of what our job is.
One of the issues that was also raised by Senator Shelby is that your testimony about 300 essentially situations where t...
We have to assess a probability. And then we also have to, I think, probe, as I have tried to do...