End-users didn't cause the financial crisis. End-users... use derivatives to manage risks.

we eased some reporting requirements for our end-users, and I believe that it was critical that we do so

It is not fair to you.

We want to make sure that we give the CFTC the resources that are needed.

I too am committed to a piece of legislation that will increase access and integrity in the market.

It is right up there now around $700 trillion worth of the world's economy.

Paramount, of course, is to make sure that the CFTC has adequate funding to do the job.

This has been a very, very informative hearing. Before us is an opportunity to reintroduce some much-needed legislation.

It is common-sense legislation, and we need to continue to move in that direction with new legislation as quickly as we can.

We need to look with a very clear eye to make sure that we are not putting them at a competitive disadvantage.

I will say they have done a great job.

How have you all, and the market itself, been affected by the Commission's guidance defining who is a U.S. person?

And so, going forward, what recommendations could you make to the CFTC to give greater clarity on this whole definition of U.S. person?

The personal liability regime for a senior manager, for example, at a clearing members who do nothing to stop reckless manipulative behavior on their watch?

Over a period of time we have had this issue of the definition of U.S. person, dealing with cross-borders.

So the markets are global, as you said, and inevitably you are dislocating the marketplace.

There is public awareness, and public pressure that, with all that has happened within this area since the meltdown of our financial system, and there has been wrongdoing, but there is been no prosecution.

We look forward to putting together our legislation coming up that will be very similar to H.R. 4431.