I want to commend you and Ranking Member Shelby for holding this hearing because, looking back over the last several years, there were many, many issues that had potential dire con...
We have to assess a probability. And then we also have to, I think, probe, as I have tried to do...
One of the issues that was also raised by Senator Shelby is that your testimony about 300 essentially situations where t...
But here, again, I think Senator Shelby's comments go right to the heart of what our job is.
We have to contemplate, particularly after 2008, things that seem so far removed from the day-to-day practice.
I think that has to be acknowledged.
So you could have essentially a system in which some are regulated and some are not.
But here is the situation. You have a prominent fund that miscalculated, in the case of the experience in 2008...
A final question. I am concerned about the impact on municipal participants.
That is a possibility, and specifically it is addressed by Congress in Dodd-Frank.
But that essentially--I mean, we are getting to sort of what this all might ultimately rest upon--is the Federal Reserve...