>> chairman caputo, ranking members maloney, members of the subcommittee, thank you for the opportunity to discuss the financial stability oversight council's rule and guidance for identifying nonbank financial companies that will be enhanced subject credentials stand ds and supervision by the federal reserve. in the 2008 financial crisis, financial distress at certain nonbank financial companies, contributed to a broad season up of the financial markets, to address potential risks posed to u.s. by these companies. dodd-frank act authorizes the council to determine that certain companies could pose a threat to the stability and will be subject to enhanced credential standard. although the dodd-frank act specifically outlines the substantive considerations and procedural requirements for designating nonbank companies, the council elected to engage in a rule-making process. to provide increased transparency to the public. to these ends, the council provided the public with three separate opportunities to comment on its proposal. after receiving significant input from our market participan