Thank you, Ms. McPherson, and thank you to the witnesses.
Colleagues, just on time management, we started with this panel at 4:05. To go to the full hour leaves us about 15 minutes.
I'd like to get a full second round in. I would suggest that we pare back the allocations within that round to give each member a chance to ask at least one question. That would involve three-minute and one-and-a-half minute allocations.
If colleagues are amenable to that, we will start with Mr. Morantz, please for three minutes.