mr. mchenry? >> thank you, madame chair. mr. auer, so designated nonbank sifis, how much weight will the fsoc give to existing regulators? perhaps you have an international nonbank financial institution and in their home country they have supervisory authority that's very clear. would the fed be likely that the fed would be designated or less likely? >> both in the framework that the council lays out in its rule and guidance stages two and three, the council does plan to take into account existing regulatory scrutiny, whether that scrutiny is domestic or foreign, whether at the conso d consolidated level or legal entity level. that would all be factors that would lead into the council's ultimate determination about whether or not that firm poses a threat to financial stability. >> mr. fwibson, you said earlier that you have the authority, the fed has the authority to tailor standards as appropriate to nonfinancial companies. now, isn't this unchartered territory for the fed? >> we have the authority to tailor the standards for n