I hope that if we do anything on corporate governance, I hope that it is modest and we realize that at the end of the day, a lot of factors led to the failures that we have had today.

Today's hearing will focus on corporate boardrooms and try to help us better understand the misaligned incentives.

I hope today's hearing will allow us to examine these and other proposals, and take needed steps to promote corporate responsiveness to the interests of shareholders.

We need to find ways to help public companies align their compensation practices with long-term shareholder value and, for financial institutions, overall firm safety and soundness.

This hearing will help determine where the corporate governance structure is strong, where it needs improvement, and what role the Federal Government should play in this effort.

We need to be thoughtful and deliberate in our approach, but we need to act soon.

As the President's plan evolves, if it is not modified, the Federal Reserve essentially would be the direct regulator of most of the major financial institutions of the country.

Much of the responsibility for setting standards would remain with the Federal Reserve, which raises serious concerns given its failure in recent years to identify serious risks to our financial system.

There seems to be a consensus emerging among regulators and many in Congress on the need for a Council to address risks in the financial system.

My perception today is this mortgage crisis is of the same scale in terms of threatening our economy and perhaps world recovery.

You can't get credit if you don't have a job.

All those wonderful programs that you are talking about mean absolutely nothing to the American people.

You are asking the impossible.

Thank you very much, Mr. Chairman.

We have got to move aggressively on both fronts.

We are not even making a dent.

When are you going to stop the bleeding?

The mortgage crisis is escalating, not rescinding.

Let me ask a final question. Given these new responsibilities, it would, I presume, require additional resources not only in terms of personnel but technology.

The Private Fund Transparency Act of 2009, which Chairman Reed recently introduced, would eliminate the small-adviser exemption from the Advisers Act.

As we continue the important work of modernizing our outdated financial regulatory system, I have called this hearing to explore a key aspect of these reforms.

Chairman Reed, Ranking Member Bunning, and Members of the Subcommittee.

I think just a comment. I think this approach of getting the information might also ultimately be beneficial to some hedge fund participants.

We applaud your leadership in this effort, and we look forward to working with you and others so that we all get this right.

Well, we all wish you good luck because your luck will influence greatly the economy.