market, the sec proposed rules that will protect investors by increasing dramatically, visibility, underlyiunder lie -- to keep skin in the game, giving them an incentive to double check originators under writing practices and change the ratings of agencies who misrating structure was fuel to the fire. a new regulatory regime will be built for over the counter derivatives. in october of 1993, i addressed a conference for the foundation of research and international banking and finance about potential problems and at the time i said, nothing will kbrupt t kbrupt -- will interrupt the progress of derivatives than unregulated actions in that market. i was concerned that this potentially useful financial innovation may present risk for various reasons, including the weak or nonexistent capitol clearing mar clearing markets. and while others shared the concerns, in 2000, congress specifically excluded most derivatives transactions from regulation. and by mid 2008, as a conquestions of the major backed securities market collapse was echoing throughout the financial system, the value of the derivatives