Mr. David Cooney:

I thank you Chairman, and the members of the committee for asking me along today with my colleagues to discuss these two important reports. As the Chairman said, we have prepared a substantial statement and like him I did not see any point in taking up the time of the committee by reading it into the record or seeking to run down the clock. The point is to allow members to question me and my colleagues. We will do our best to assist them and answer the questions. I invite members to address the report and issues flowing from it.