Thank you very much, Mr. Sherman, for holding this hearing. In the United States, there are thousands of companies and exchange traded funds (that is, ETFs) traded on our stock exchanges, representing $47 trillion in market capitalization. Stock exchanges have a dual role of helping businesses raise funds to support their business and creating transparent opportunities for people to invest their funds. Unfortunately, despite being invited to testify, the major exchanges, as the [Subcommittee] Chair has said—the New York Stock Exchange, NASDAQ and CBOE—are not here today to describe their role in our economy or to help us assess how to reform them. That said, I am very pleased we are considering—among other reforms—proposals to strengthen corporate governance and limitations on exchange legal immunity. Thank you very much, Chair Sherman.