Gary Gensler

There should not be government bailouts.

I thought it was best not to participate.

From my point of view, Congressman, the suggestion that the fraud at Peregrine would have been uncovered more quickly if the examiners had been on the government's payroll instead of our payroll is something that I just don't think has a…

I am mostly concerned that 2 years into this and 4 years from the crisis we need to get these common-sense rules of the road and the traffic lights in place.

I informed the General Counsel on a Thursday, so it may have been that Friday.

If the American taxpayer bails out JPMorgan, they would be bailing out that London entity as well.

I think the American public still isn't safe on these roads until we get the transparency and get the rules of the road in place.

The bank is overseen by bank regulators, but under Dodd-Frank the market regulators, as market regulators, we will stand up and oversee swap dealing activity in a bank or an affiliate of a bank or securities-based swap dealing activity.

I had no individual conversations with Jon Corzine.

Good morning Chairman Johnson, Ranking Member Shelby and Members of the Committee.

It is going to get better, but underfunded, it is stretched and thin, and something is going to give.

I thought that made sense to step aside.

The Commission has taken a number of actions to facilitate implementation of Dodd-Frank regulations.

Hedging really does have to lower risk. That is what Congress wanted.

I think that Chairman Schapiro said it very well.

I think transparency is so critical, too, so I am hoping that I could maybe convince you that, in addition to capital, transparency...

When President Obama gathered together the G-20 leaders in Pittsburgh in 2009, they agreed that the swaps market needed to be reformed and that such reform should be completed by December 2012.

I think it was to ensure that the American public gets the benefit of transparency and lower risk because firms will fail in the future.

This market that Congress has asked us to oversee helped cause a crisis.

I think in a targeted way, I am just talking about the CFTC because I think, Congressman, you and I probably share the view that we need to get this Federal deficit down.

Simply increasing funding does not ensure that an agency can successfully achieve its mission and frankly is not a realistic option given current fiscal constraints.

I think that's part of the reason why we want a well-funded CFTC because the nature of the market is so heavily toward the financial actors and so heavily toward the speculators.

I think that every participant in a marketplace can influence a price.

I think that going back to the genesis of this market, and it happened in Senator Durbin's State, in Chicago, in the 1860s, when a wheat farmer or somebody growing corn, they needed to lock in a price at harvest time.

So, in 2012, CFTC will finish implementing the Dodd-Frank Act rules.