Thank you, Chair.
At this G-20 meeting there was a commitment to increase regulation and oversight over financial institutions, instruments and markets, including the hedge funds, and to focus regulators on macro-prudential risk. I think it's generally agreed that the biggest hole in our financial architecture is the absence of a securities regulator, and to the government's credit, they've actually moved some distance on that issue.
If in fact no securities regulator gets produced, does this macro-prudential role effectively become a back-door way of achieving some control over these hedge funds and financial institutions, instruments, markets, and things of that nature?