firms ought to be able to make decisions and live with the consequences and taxpayers shouldn't be at raisk. i think the alternative of a tougher capital regime achiefs the goal of reducing systemic risk without putting us in the impossible position of trying to run these institutions. >> senator hagen. >> thank you, mr. chairman, and chairman ginsler and chairman schapiro. thanks for your comments today and your commitments. chairman schapiro, in senator reid's discussion, you mentioned data collection. and will the s.e.c. start -- when will the s.e.c. start collecting that data, and where does the implementation stand? >> the security-based swap reporting data collection will begin when the rules are finalized, which they are not yet for regulation sbsr. i would -- it's hard for me to predict with a five-member commission exactly when we will have final adopting rules. hopefully some time later this year. we have one set of rules left to propose and then we've done one final. we'll do another final and the next month or so hopefully and then a steady stream after that. it's important, obv