We remain very encouraged by the bipartisan support these bills have thus far received, which reflects the fact that the measures set out an extremely reasonable approach to helping emerging companies pursue an IPO, while maintaining investor protection. In turning their attention to these issues, Members of Congress are demonstrating the strong recognition that emerging growth companies are critical to moving the US economy forward. S. 1933 and HR 3606 are designed to encourage this critical sliver of private companies to go public.

While the bills still must wind their way through the legislative process, we are off to a very auspicious start. The fact that the bills are identical, bipartisan and revenue neutral will certainly help move the legislation more quickly through both bodies.

We don't expect these bills to solve all the ills of the IPO market - but we do expect them to make the process less daunting and more efficient for emerging growth companies that have tremendous potential yet which today have reservations about pursuing an IPO. Strong progress was made this week and we thank Kate for her dedication and time to this important legislative process. We will look to Congress when they return in January to keep the momentum going.