Q: Rep. Jim Leach, the Iowa Republican, just released a 900-page report on derivatives with 30 recommendations for federal regulators. Have you seen it?

A: We've had a chance to review the recommendations but not the entire report. We endorse many of the recommendations and consider them, overall, to be thoughtful and to represent an honest attempt to address the risks inherent in engaging in derivative transactions. Some of the recommendations, however, are novel and represent very clear departures from the recommendations that have been made by the regulators.

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