my name is sean mckarthy and i'm testifying in my role as president of financial security holdings or fsa and short guaranteed corporation which is expected to complete the acquisition of fsa on july 1st. we appreciate the opportunity to testify at this hearing to improve oversight of the insurance industry and a restructuring of the federal government's role with regard to insurance products. as mono-heine insurance companies we provide in the case of fsa bond insurance for the u.s. municipal and global infrastructure markets and in the case of assured, bond insurance for u.s. municipal, global infrastructure and structured financings. insurance utilized 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 guaranteed insurance from multi-line products and the risks those entail. while it is a good step, it is not strong enough. we believe we will require mandatory regulation that is closer to that of the banks and that being centralized and encompa