mr. gellert, do you do governmental issues of? >> we do not. but i would point out and i'm not sure that data that you're referring to, but i will point out of course a lot of the municipal issuance were injured. so you have a skewing of default status and statistics. >> actually these are based on not injured. that was my basic argument that i believed then that munis were being changed into insurance that they didn't meet. >> just to clarify. >> mr. kroll, do you do munis? [inaudible] >> yes, we do munis. we are just starting. we released a study in september of taking the 200 most liquid muni issues, involving states and cities and looking at the actual financials. so we will not be using dated information, sometimes you come here and have dated to come up with our ratings of the. so stay tuned for september. >> looking forward to a. thank you all very much. appreciate it. >> thank the children. now the vice chairman, mr. fitzpatrick. >> mr. sharma, i want to follow up on one question of the chairmen earlier. in a letter sent to the subcommi

mr. gellert represents one of them. there are credit worthiness fixed income analysts at securities firms, and in a more open environment. they might be encouraged to hang out their shingles and start doing more independent analysis on their own. regulators have to check on the competence of the financial institutions. in doing that research, or in hiring, and employing the services of those credit worthiness advisors. but it can be done. so section 939 and 939a are the direction to go. when they are fully implemented, then there wouldn't be any need for the nrsro system. if we can somehow avoid the dangers of section 932, ideally if it were my choice, i would repeal 932 in a heartbeat. then the bond information market, and that's really what we're talking about, information would be opened to innovation and entry in ways that have not been possible since the 1930s. my written statement expands on these ideas. thank you again for the opportunity to testify this morning. i would be happy to answer questions from the comm