Good afternoon. First, let me thank Alison [Watson] for the invitation to speak with you today. The Exchequer Club plays a unique role in Washington by providing an important venue to discuss the major issues facing the financial services industry, and business generally. So it's a pleasure to be here with you today to talk about topics of mutual interest. I suspect that one of those shared interests is capital markets, where businesses and investors intersect. In recent years, there has been increased debate about the....