philip swagel, what do you think is going to work in this legislation? >> work, i'd say what would be helpful is giving the fed in particular the ability to get financial information from any firm. so a picture like aig that had a subsidiary in london, that was basically beneath the radar. now the fed will have the ability and a mandate to find out about those firms, so that's good. the transparency for derivatives, bringing those complex transactions into more daylight and giving regulators the ability to look at them, that's also good. >> they're going to be traded, some of them, will now be traded on the open exchanges. and lynn stout, what do you see that's positive in here? before we get to the other side. >> well, i think one of the most promising developments will be the creation of the new consumer financial protection agency. although the key thing, the key question there is who is going to be put in charge of it. the first person to be made the head of this consumer financial protection commission is going to have a definitive impact on whether