Thank you very much, Mr. Ferguson. We appreciate your opening remarks.
I'll remind the committee of a couple of things. One is that we will commence comments and questions as per our usual rotation. But I'll give another reminder that this meeting itself was optional. We didn't have to hold it; the committee decided to hold the meeting. Likewise, there is no obligation on the committee to act upon any result of this meeting; however, we have the option of reporting to the House, and within that we can acknowledge that we had this hearing and indicate whether or not there is a recommendation yea or nay. All of those matters are optional and are up to the committee. They will be decided by the majority at the appropriate time.
Is that all clear?
Good. With that, we will begin the rotation.
Mr. Saxton, you, sir, have the floor.