tarullo? >> lynndie member maloney, the first point is some firms which currently collect information in a way that would allow the stanchions to be drawn or at least give insight into the market making or hedging verses proprietary trading and others do not so the interagency proposal move to some standardization both the management information systems by the firm and then consequently they are reporting to us. second when we start getting that information we would be substantially better positioned to draw the kind of distinction is that you all are asking about because i think it's important to note that with the market making consists of in one kind of market say corporate bonds or fortune 500 companies is different from what market-making may be in the case of a west traded instrument and we are going to need data that distinguishes among the different markets in order to oversee this rule effectively. >> thank you. the volcker rule is basically five words, market-making, underwriting, ri

tarullo's statements this morning. it was the intent of those institutions to buy and hold securities hoping to benefit from short-term price movements that led them into what were regarded as very highly rated investments, aaa securities were, in fact, where they suffered their most damaging losses. mr. tarullo said we shouldn't be fighting the last war and he's exactly right. the volcker rule as written, and as attempted now to be implemented, is precisely on a forward-looking basis to prevent the big banks from again putting their hand into the pocket of the american taxpayer. now, my third point is i understand that the industry is concerned about this, and i've read carefully the documents that was sponsored and put out through various organizations and individuals. and i'm deeply skeptical for the reasons expressed in my written testimony of the estimates of the so-called liquidity costs or reduction in liquidity. i think the methodology that's used, for example, in the oliver wyman report is deeply flawed. i've