I think this is the most exciting part of this bill, arguably, not least because it actually captures the impacts on our real lives and economies, and so on and so forth.
Frankly—referring with all due respect to Professor Pardy's points—we get perverse outcomes sometimes when each bank is making its own decisions about risk, because they are looking at the risk to the bank. The impacts from the banks in aggregate are what we really need to worry about, and that's what banking regulation is for: It's for addressing systemic risks that arise when each institution is making individually rational decisions. The double materiality element here is the way in which we capture that systemic element.