What kind of challenges does this present to your agency to have this kind of mix which is moving toward much different objects that are at the soul and heart of the futures trading markets?

There are some in the Senate now who want us to be taken out of this process. They do not want these questions to be asked, and I think that is wrong.

Chairman Gensler, this whole conversation we are having about the future of derivatives, what will be regulated, what will not be regulated, what is standard, what will be custom--do you have any projection if we move into this new world…

One other aspect of this is how much of this is being made available to the public to review your work and the activities that are not proprietary, obviously, of the exchanges which you monitor.

Let me say in closing, before turning it over to Senator Collins, the questions I have asked you today have been pointed.

Some of the credit ratings that were given were misleading, to say the least.

When I first visited the Board of Trade and Mercantile Exchange over 25 years ago, they were still clinging to their early image as protectors of the agriculture sector in terms of the trading that was going on on the floor.

There reaches a tipping point where perhaps they cannot be absorbed effectively.

There are substantially greater investments in the resources that your agency and the SEC have to work with.

I think it calls for substantially more oversight from our side of the table because there is a certain level of absorption.

In the wake of the massive Ponzi scheme perpetrated by Bernie Madoff, the SEC has undertaken an array of reforms to reduce similar frauds.

I insisted that it bring these two agencies together into one Appropriations subcommittee because they parallel one another in their regulatory responsibilities.

Make no mistake. I still have confidence in your leadership, but we have a responsibility on our side of the table.

I have joined a lot of other people in just finishing Michael Lewis' book, 'The Big Short', and it is really an eye-opener of what was going on at the time that this real estate bubble was created.

I am pleased to convene this hearing and apologize for being a few minutes late.

We can't let another crisis like this happen again.

The recovery isn't reaching everyone just yet.

We need to extend opportunity to every corner of Main Street.