. >> okay, if they are not tight liquy correlated, a red flag. >> continue a hedge-fund style operation or you going to support closing those loopholes or keeping those loopholes? >> that's one of the issues the banking agencies and other agencies are looking at. i would add i think our experience here, as it unfolds with jpmorgan chase would help inform our views in the final rule making. >> thank you very much. thanks. >> thank you. >> senator toomey. >> thank you, mr. chairman. i'd like to start by also acknowledging mr. tarullo's comment about the importance of capital, and i know you've given a great deal of thought to this for a very long period of time and have considered this in a very sophisticated way, and i just maybe many things you and i may or may not agree on, but i think the emphasis on capital in a general matter is the direction we ought to be heading in, and i fear that dodd-frank is a profoundly misguided effort to do many, many other things. i have to respectfully disagree with our chairman, who in his opening comments, i think, tends to disagree with the characteri