>> yes. >> mr. rowan, does your company to the sinking? >> our company has the same policy for the same purpose, to ensure that there isn't a madrina statement of fact or an inadvertent disclosure. >> mr. gellert, you're a little different but you don't do public stuff but do you do something similar? >> we have no contact with issuers at all. >> you don't make public statements of any kind? >> that's correct. >> mr. kroll? >> on the issuer side of our business, we also have a sub scratch in business, on the issuer-paid agencies, which is done our first five transactions, we do the same thing. it's only about correcting any factual errors that we may have spent so it's a standard practice in industry. >> correct. >> thank you. >> go back back to the gentleman's time. >> well, i want to thank this panel. it's been a very good hearing, and we appreciate your time and your thoughtful testimony. and just want to remind the members have additional questions for this panel, which they wish to submit in writing, without objection the hearing recor

opportunity to participate in the hearing and i will be happy to answer any questions you may have. >> mr. rowan. >> good morning mr. chairman and members of the subcommittee. i am michael rowan, managing director of commercial group at moody's investors services. on behalf of my colleagues i thank you for the opportunity to participate in today's hearing and speak to you about moody's and the role credit rating agencies can play in the markets, competitive landscape and the impact of dodd-frank. in providing our perspective on these questions i would like to outline two principles that have guided us over the years. first moody's believes the legislative initiatives that periodically review and update the regulatory regime under which market participants operate are necessary and healthy. they can increase market confidence that rules are fair and the playing field is level. they encourage best practices among and across industry. we think when the regulatory landscape allows for and encourages numerous differing views while permitting market participants to choose the opinion providers based o

mr. rowan does your company do the same thing? >> yes. for the same purpose to ensure there are no -- >> do you do something similar? >> we have absolutely no contact with issuers at all. >> because you don't make public statements of any kind, is that correct? >> yes. >> on the issuer paid side of our business, on the issue of pay, which is our first five transactions, we do the same thing. it's only about correcting any factual error we may have. >> so it's a standard practice? >> yes. >> yield back two minutes' type. >> i want to thank this panel. it's been a very good hearing and we appreciate your time and thoughtful testimony, and just want to remind the members have additional questions for this panel which they wish to submit in writing the hearing record will remain open to submit questions. if there's no other business, this hearing is adjourned. >> thank you, gentlemen. >> on c-span today, corporate c.e.o.'s testify at the senate finance hearing about the tax code that's followed by the issue of "washington journal." >> with ti