wouldn't the public interest require this price discovery to be on an open, properly regulated exchange?

The more open we are, the more transparent we are, the more information that people have out there in a regulatory framework, the better off we are all going to be.

I want to challenge you on why you cannot do this on a regulated exchange.

We need your input to us on authority, which you just mentioned here; if there is additional authority that you need to carry out your mission, we need to know that.

I am still going to continue to press this issue.

Nor do I agree with those who assert that more rigorous regulation of these markets will discourage innovation or hamper our economy.

we must protect consumers and lower systemic risk and enhance the price discovery function of the markets.

The last thing we should be doing is contributing a whole host of new, unappealing consequences in an already volatile marketplace.

It is not credible to assert that the markets and present regulatory system have worked.

It is imperative that we pass strong financial regulatory reform in this body and not just piecemeal, patchwork reform, but comprehensive and fundamental reform that brings full transportation and accountability back to the markets.

I appreciate your comments today, and hopefully maybe if we move some legislation this year, we can also finally close that loophole.

I think you would actually lower the costs because you would have more people that would be able to trade with each other with regard to swaps.

I am proud of the fact I am one of nine Members of the Senate who voted against deregulation of Glass-Steagall.

Well, I do not know if we really want the free flow of capital; maybe we want the more efficient flow of capital.

I think that was a mistake, and I said so at the time. But it did not have the votes.

Well, fooled once, your mistake. Fooled twice, my mistake.

You know, liquidity is good, but too much liquidity can be bad.

If we want the free flow of traffic, do away with all the stop lights.