Thank you, Ms. Lem. You're a little under time, so that will work well.
I want to let the committee members know that the witness we were missing hasn't joined us yet. We will start our rounds of questioning. I would remind members that we have a hard stop at 5:30 eastern standard time. I want to try to be fair to everybody along the way. I will be very strict and stringent on the time allotted.
First, we'll go to Mr. Arnold for six minutes or less, please.