And we are very fortunate because our second panel has provided excellent testimony from the vantage point and experience of market participants.

Thank you very much. And Mr. Dear, thank you for your testimony and also for your leadership.

We commend Chairman Reed for his sensitivity to this issue as well.

I appreciate the fact you seem to speak favorably of the approach of investment advisers.

I guess we will have to bring back the draft, Jim.

There are basically three approaches: one is to regulate the fund; two is to regulate the advisers; or three is to give the SEC the authority by regulation to set up rules for exempt entities under both statutes.

There seems to be a recognition by all that further transparency is important, to get the data, to get the information.

I think also, too, I would just point out for the record that there is no private right of action included in this proposal.

I again want to thank you all, and I particularly want to thank Senator Merkley, because I think we are ready to go.

Thank you very much.

I think the testimony has been excellent.

I think it would serve us well to move with dispatch, but thoughtfully, on this legislation.

Thank you very much, Chairman Gensler.

As I suggested in my opening statement, there's an issue of, as we draw down in Iraq, conventional forces redeploying and there's the expectation that SOF elements will help us make that transition and continue our presence there.

I understand your proposal does include registration of advisors to hedge funds, which is legislation that I proposed and I think it is on the right track.

Thank you very much, Admiral. I wish that you will convey to your Special Forces operators our great respect and appreciation for what they're doing.

the non-availability of force enablers has become SOCOM's 'most vexing issue in the operational environment.'

It is incredible to me that it has taken 50 years since the Surgeon General made this a priority.

This is something we've got to do, and I want to work with you and I'm sure all my colleagues do.

In the fiscal year 2010 budget the President has requested $26 million for the VA to work in partnership with HUD, Labor, Education, HHS, Small Business and nonprofits to reduce homelessness.

You will be in charge of that for the Veterans Administration, is that the way the concept is?

Like funding for food stamps and unemployment insurance, LIHEAP provides a significant multiplier effect that is important in helping to bring us out of this recession.

Would you support LIHEAP funding at the $5.1 billion allowed under the budget resolution?

We need to have robust funding in the base program.

I think he did a very good job in laying out some of the problems of transparency and oversight.