I think it is important to bring, as you say, greater regulation to this whole over-the-counter derivatives marketplace.
I think the Chairman raises a very good point.
We should have the authority to set position limits, because these would be physically limited, these contracts would have a limited supply.
I pledge to work with this Committee and Congress to try to restore confidence in the financial regulatory system.
I believe that we must urgently enact broad reforms to regulate the over-the-counter derivatives marketplace.
I think, Senator, you raise a very good question.
I believe that we will need to work together on the appropriate authorities to put in place aggregate position limits over the marketplace.
I am concerned that as the good news of an economy that rebounds... we might see a resurgence of these commodity prices.
I think one of the great lessons of this crisis is I believe that our overall capital regimes--and this is not within the CFTC, but our over...
So we believe we have to bring regulation to the entire marketplace, including these tailored products.
We absolutely need this in working with Congress to make sure that it has clear authorities on those most systemically relevant.
Well, I think that was the case broadly in this economic crisis.
I think that the CFTC has over many years developed a skill set and has a mission to oversee the derivatives marketplace.
We need to bring regulation to that marketplace.
anything that could get onto clearing, anything a clearinghouse would accept for clearing would be presumptively standard.
I think that is correct, Senator.
We think that there are real benefits to also having it on an exchange.
As Congress moves forward and possibly further develops this, I would look forward to working with you and the Congress on how to get this r...
