I guess I would ask you, should there be any limitations on clearing exemptions for nonfinancial institutions?

If we are going to be able to proceed on this, we need to find some bipartisan compromise to make sure we get it right.

I think none of the Members of this Committee would be surprised, but it will come as no surprise to, I think, the Members of this Committee that the regulators pay a lot of attention to what the Congress thinks.

I would love to see if we can find some bipartisan collaboration, and I would, again, welcome all of us to--it would be nice to work on some things where we can actually get to yes.

I agree with you on the notion that you want to have a line but not have it a hard-rule line.

I think this Committee and all of us who were involved in carefully tried to draw a pretty firm line that said, particularly for smaller institutions, they ought to get a little more regulatory relief.

the ability to have a little bit of resources to have that common site, number one, and two, either by administrative change or legislative change, making sure the IRS actually informs people when they know they have been the victim of…

I think the only way that this venture exchange works and we do not have a repeat... is we would have to have... a regulatory regime that would actually ensure that there is... a more structured way for people to actually exit these…

I would like to get some record of particularly the number of those late 1990s companies that went public that were still in existence 3 or 4 years later.

I do think we ought to--I think this is a very good hearing, but we ought to get from the panel and others, you know, what steps we can take within some of the existing frameworks.

This is an area where we have made some progress, and bipartisan action on the JOBS Act a few years back made important changes.

I would agree as well that if we were going to go down this path, you need to concentrate these trades on a single exchange.

Because it seemed to me, Mr. Chairman, just the Canadian experiment seems to be such small-cap that it is almost a bit sketchy--a technical term.

The notion of how can we help some of those companies along the way move on that path is terribly important.

I saw Arthur Levitt's comments about venture exchanges saying, you know, a solution in search of a problem.

I think one of you all raised what about the adverse selection issue.

We talk as elected officials about the growth of America's economy as so often dependent upon small businesses.

I was quite excited 5 years ago when the notion of crowdfunding came about.

I would just strongly urge you... that we would have a lot more knowledge if we could actually get the tick size project out.

I think it is very important because it is kind of like you could actually question whether a venture exchange might undermine the tick size pilot.

I look forward to working with you closely as we have on so many other projects over the years.

I do think for rural underserved areas, you know, the ability to--because there is no seed capital, there are no angel investor networks, it has the potential for--that we still need to push.

How we can get access to capital and grow small companies, startup companies, is critically important.

We are trying to help the President be able to do what he cannot do by Executive Order.

Claire McCaskill, who is on this Committee, and I have introduced it.