What we need instead is a strategy to get us out of what we have witnessed in the past 6 months, and that is government command and control of businesses.

We must encourage a return to market discipline.

there is a double standard in which top executives are rewarded for failure at the same time that working families are forced to sacrifice.

I guess if the devil wanted to run for Congress, we could not prevent that either.

Any ban on over-the-counter derivatives would likely harm responsible and well-managed U.S. corporations that use derivatives to hedge against business risks.

I personally believe that most derivatives, if they are not too highly customized, should be placed in a clearinghouse situation.

What lessons has the financial services industry learned from the Lehman Brothers' bankruptcy and from the near collapse of AIG, any of you?

Thank you, Congressman Sherman.

Derivatives do help companies manage risk, and I think they are a very valuable thing.

FISCA supports the introduction of a legislative solution designed to relieve banks of excess regulatory burdens in serving our industry.

the Money Service Businesses Act of 2008, H.R. 4049, sponsored by Representative Carolyn Maloney, Chairman Barney Frank, Ranking Member Spencer Bachus, and Representative Judy Biggert, was passed in the House of Representatives.

I do commend the agencies for doing that.