of the subcommittee my name is a sean mccarthy and today i am testifying in my role as president of financial security assurance holdings or ssa a short guaranty corporation that is expected to complete the acquisition of ssa on july 1st. we appreciate the opportunity to testified to improve oversight of the insurance industry and other restructuring of the federal government's role with regards to insurance products. we provide in the case of ssa private insurance and global infrastructure markets and in the case of the assured bond insurance for the u.s. municipal global infrastructure and construction financing. insurance is utilize only in the financial markets is a very different product from that of property casualty, life and health insurance companies. article 69 was enacted by new york state to segregate financial guaranty insurance from zero tie line products and the risks those in jail. while it was a good step, it is not strong enough. we believe we will require mandatory federal regulation that is closer to that of the bank's and that being a centralized and encompassin