Senators Lugar, Chambliss, and I, all three former Chairmen of this Committee... sent a letter concerned that the Dodd-Frank Act creates a black hole when it comes to regulating swaps and transactions after July 16 of this year--sort of a swaps purgatory, if you will.

I think it was the clear intent of Congress that pensions would be able to use swaps to hedge their risk.

We do believe that we have sufficient legal authority.

The commodity industry from growers to buyers is concerned with your proposal, Mr. Chairman, to what constitutes a bona fide hedge.

I think what you have described is a hedge, so--and I think that is my answer.

I think that Congress took a balanced approach in Title VII and that there is going to be more transparency and more competition in a marketplace.

I believe you have done--this is not the way to deal with a Committee hearing.

I think it is important to take a moment to remember why Congress passed this historic legislation.

CFTC oversight is a critically important function of this Committee, and I am looking forward to hearing from our witnesses today.

I fear some may suffer a classic case of the cure for Government regulations is more Government regulation.

I am particularly concerned, as the Chairwoman and I have expressed in a recent letter to our European counterparts, that our regulatory process is headed for trouble internationally.

I have here an unusual letter from the Financial Services Agency of Japan asking why U.S. regulations would apply to Japanese financial institutions operating in Japan, and I think that is a fair question.

Doesn't it occur to you that with the risk of losing this business, literally forcing jobs and capital to the place of least resistance, which, holy smokes, that might be Europe?

This example seems to me to be a very normal transaction by a person who deals in the physical commodity, and he was trying to help farmers manage the risk.

As you described it, Senator, I believe so.

It would be bad for the American public. We will get these rules done.

Who at the CFTC will make the ultimate determination on what changes require a rule to be re-proposed?