We can't have, as you point out, inconsistent and uncertain innovation policies. That's what you've underscored here and why this hearing, again, is so important.

I think about solar and wind, for example, in the 1970s. Now we're trying to play catch up with some countries that have seen the possibility here.

We are a national leader in many areas. We have a great, I think, model of how industry, entrepreneurs, universities, research institutions, like the National Renewable Energy Lab and the government are all encouraging energy innovation…

I agree. We should not let, you should not let institutions that you regulate operate in a dark hole somewhere.

Since the passage of the Dodd-Frank Act, its proponents have repeatedly claimed that both consumers and our financial markets will benefit from the new law. We now know that both of those claims are false.

Chairman Gensler nonetheless owes the public, I believe, a full accounting of how they failed to protect those customer assets in the first place.

Chairman Gensler's recusal has impeded Congress' ability to examine every facet of the MF Global failure.

But you are in the investigation of that now?

Chairman Gensler and SEC Chairman Mary Schapiro have jointly created widespread uncertainty about the regulation of derivatives.

So you really did not know what was going on or the problem with the trade until you read the press reports like all of us?

Under Chairman Gensler's watch, customers of MF Global had $1.6 billion of funds improperly taken from their accounts.

The first and most basic responsibility, I believe, Mr. Chairman, of the CFTC is to ensure that customer funds are not misappropriated.

What is your responsibility?

On October 30, 2011, a CFTC employee gave to CME, Chicago Mercantile Exchange, employees a disk containing documents...

We need regulators who are willing to explain their actions rather than run for the hills.

A lot of people have been basically saying, Chairman Gensler, that the CFTC and the SEC, Chairman Schapiro, were in the dark, that you did not know what was really going on at JPMorgan.

Where was the SEC here? Did they know what was going on? And if not, why not?

I would like to go back to MF Global, if I could, Mr. Chairman.