mr. quaadman. i know the chamber is very concerned about that. one size fits all in your testimony is the way you put it. the the approach that the fetd fed is taking. what is your suggestion for them to look at the regulations and go back and view the existing rules how they're negatively impacting small folks that don't need to be in this. the rules they put so so far had a dramatic impact. i'm sure you remember. >> number one is they should follow the law. if you look at the test, which is the first stage to see if companies should be considered. congress sort of constructed that as a one-inch pipe. now they're trying to make it a 12-inch pipe. they want to bring in as many companies as possible. where it should be done really sparingly. i think mr. wheeler also made an accident point as well we're also looking at size. size isn't determinetive either. it's important that the marketplace investor and companies need to assess how the system works, how it's going to impact companies and the like by taking rules out of order. by not following tra

mr. quaadman, i'm just for you. i know that's not the one size fits all and your testimony and the way you put it, approach the fed is taking, what is your solution or what is your suggestion for them, for the fsoc people to look at the regulations and come up with a tiered system, or a system that allows certain folks to get out of it, or to go back and review the existing rules to see how they are negatively impacting some of the small folks that don't need to be in this? insurance companies that are not in the financial services industry. they don't need to be in this. yet there are rules that have been put out so far that it had a dramatic impact on some of them. >> sure, thank you for that question. i think number one is they should follow the law. if you take a look at the predominately engage tests which is the first hd the company should even be considered. congress sort of structure that as a one inch pipe another federal reserve and fsoc are trying to make it a 12-inch pie. and want to try to bring in as m

mr. quaadman, although they've finalized the roles and the federal reserve has yet to finalize the roles on enhanced prudential standards, as a result no one can know what the effect of this designation will have. should they wait to