wolin? >> i think it is for me to be will answer that question the deputies of fsob have been putting together pachauri material and as we just confirm to you we are planning on putting out additional guidance for the public to comment and until we do that and get the responses from the public and until the principles have an opportunity to have these kind of conversations i think it is hard to know what the right answer to that question is, and we will move forward obviously with the public input and that fsob has been providing to date. >> anybody else like to -- >> senator, i would say i think that the determination is an institution by an institution designation and not an entire sector, so under any circumstance i think we have to look at individual entities, and we held actually today's of, i'm sorry, one day of round tables this week exploring systemic risk issues implicated with respect to money market funds and how the investor and i think that would inform us that the sec as we go

wolin? >> i think it is for me to be will answer that question the deputies of fsob have been putting together pachauri material and as we just confirm to you we are planning on putting out additional guidance for the public to comment and until we do that and get the responses from the public and until the principles have an opportunity to have these kind of conversations i think it is hard to know what the right answer to that question is, and we will move forward obviously with the public input and that fsob has been providing to date. >> anybody else like to -- >> senator, i would say i think that the determination is an institution by an institution designation and not an entire sector, so under any circumstance i think we have to look at individual entities, and we held actually today's of, i'm sorry, one day of round tables this week exploring systemic risk issues implicated with respect to money market funds and how the investor and i think that would inform us that the sec as we go

my question for deputy secretary wolin u.s about the financial crisis in large part necessitated by the shadow banking complex initiated by the wall street firms that typically sell outside of the scope of regulation, the designation of the systemically important financial institutions as opposed to address this problem. i want to agree with senator toomey's comments and questions to each of you the council proposed rule seems like reflection, not an aberration or a road map of what is systemically important. it's not clear to me, and i guess from the answers to his questions from you at what point a large hedge fund because systemically important it's impossible to the regulated mean streak property-casualty insurers would be systemically important and my question mr. secretaries if you believe the mutual companies engaging in personal alliance of insurance, do you think they pose a threat to the financial stability of the economy should they be categorized as systemically important? >> thank you for that question. we are and it's a process that we are going to provide further elaborat

wolin? >> i think it is for me to be will answer that question the deputies of fsob have been putting together pachauri material and as we just confirm to you we are planning on putting out additional guidance for the public to comment and until we do that and get the responses from the public and until the principles have an opportunity to have these kind of conversations i think it is hard to know what the right answer to that question is, and we will move forward obviously with the public input and that fsob has been providing to date. >> anybody else like to -- >> senator, i would say i think that the determination is an institution by an institution designation and not an entire sector, so under any circumstance i think we have to look at individual entities, and we held actually today's of, i'm sorry, one day of round tables this week exploring systemic risk issues implicated with respect to money market funds and how the investor and i think that would inform us that the sec as we go