Thank you, Mr. Chairman, and welcome to our witnesses.
This has been probably one of the most interesting and fascinating studies we've done at committee—much more fun than all that budget stuff, which I'm sure we're going to get into.
I'm searching for some clear-cut parameters on how much the government interferes with or regulates the system that's out there now. Mr. Eby, you stated the need to secure software, to continue to drive the mobile payments agenda, and the need for a regulatory process.
We have a payment system that evolved with the technology. It started out—a lot of it—as social technology that then became for handling personal information and even personal banking, and now is moving to business. But it hasn't moved into the business world in a major way yet. How do we manage that? What's your recommendation? I would think there's some danger in stifling innovation. At the same time, should there be a regulatory regime that just has parameters, for example, that you have to have secure software, that you have to protect the consumer's interest, that the consumer has to be cognizant of the banking rules and regulations, or does it go to the other direction? Is it front end or back end?