further solidifying the entrenched position held by s&p, moody's, and fitch. a few items.ethodology disclosure. rules in the treury proposal on transparency of rin methodology could come dangerously close to meeting rating firms would have no intellectual property protection. ratings is closure requiring subscriber-based rating agencies to disclose their history of ratings and ratings actions can undermine the subscriber-based business model which is predicated on selling current and past writings to investors. treasury proposal covs all types of rating agencies, and for 100% of their ratings. requiring nrsro registration required registration of all countries issuing ratings is perhaps the most counter productive and initiative o all. not only does forcing registration run counter to the 06 act, it could create a flood of new nrsro captured by the sweeping dragnet. investors will not have the inclination to look at all of these firms and will tend to remain with the providers they know best. the big three. further, registration would impose all of the increased erect and

. >> secretary barr, s&p moody's and fitch have not in most people's lives performed well in recent yearsk that's probably an understatement. nevertheless the sec has exhibited any persistent confidence in these three firms. three firms a sentiment that meant less to celebrate a tour of requirements that is less the organizational structure approaching to ratings and payment scheme of those firms. there seems to be similar bias in their draft legislation. i hope not. what steps if any did you take in you and your team to ensure that no particular organizational structure approached the ratings for pam malone was favored over another and that the rail into researcher will accommodate innovative interest and have those advocated three firms nominated that don't have a doll how all the business but there is not enough competition there. why should do just bless the three firms? >> senator we would agree with you there should be competition in this stage more intense than to the market. they should be done on a level playing field. we should have a diversity of approaches to business structur

s. movinganother area here, we believe it's moody canyon. you can not see it because of the smoke.ide off crown valley. the entire hillside is on fire. we see some fixed wing planes coming in making a drop now. because of the thick heavy smoke they're not able to get in there as often as they would like. they have to stop because they can't see where they're going. we see a couple of drops. the fire is coming up and the entire hillside. it's hard to see because of the smoke. that is on fire and a manger threat now. there are numerous homes in that area. >> 12,000 homes are threatened by the station fire. many on the southern flank. eyewitness news reporter is live in la cresenta as residents wait to see what way the flames go next. >> police officers drove by a few moments ago reminding residents they're here another their own risk. mandatory evacu aeugsz went in effect at 2:00 a.m. many are here waiting it out until the last moment waiting for the best. we will go to video shot a few moments ago. we have seen tphaeupbler flare ups on the reupbl about half a mile above the homes he