Gary Gensler actually said...

I thank you for asking because I wasn't able to say it in my oral testimony, but clearinghouses reduce risk immediately upon a default that one of their clearing members make and can close out, liquidate the position, and that is fundamental and that has been true for decades, a very important feature.

Context

Gensler emphasizes the critical role of clearinghouses in managing financial risk.

11/16/2009

https://congress.gov...

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