Gary Gensler

we did not regulate the swaps marketplace, and it contributed to the crisis that we had in 2008.

I think capital and risk do not know any geographic boundary, so whether it be position limits or other rules, Senator, that is something that we are very conscious of.

Congress said that those transactions that are cleared and made available for trading would be brought to swap execution facilities.

part of that cost is so that the taxpayers do not have to bear as great a risk to bail out financial institutions in the future.

The reforms mandated by Congress will reduce systemic risk to our financial system and bring sunshine and competition to the swaps markets.

I think that central clearinghouses need robust oversight.

only benefits Wall Street and does not benefit Main Street or the corporation that provides service to America.

The financial crisis was very real. There are still 7 million people probably out of work because of it.

You must improve transparency in our securities market and uncover fraud and deception, while not over-regulating our markets and hindering our economic recovery.

We at the agency are committed to do that, and it is also in our statute.

It is a risk because risk and money know no geographic boundaries or borders.

We plan to extend that.

We think that is very important, and we think that was Congress' intent to make sure that U.S. banks somehow, you know, did not have the same treatment.

We have been working very closely with farmer cooperatives.

I am pleased to testify on behalf of the Commodity Futures Trading Commission (CFTC).

I also thank my fellow Commissioners and CFTC staff for their hard work and commitment on implementing the legislation.

Am I correct that you require a swap execution facility to include a central trading screen where everyone can see everyone else's prices?

I think that at the core, we lost over 7 million jobs in this country because both the financial system and regulatory system failed the test.

Because it seems to me that your proposal differs and hasn't taken Congress' directive as seriously as the CFTC is.

It seems to me that one of the great accomplishments of Dodd-Frank was to pull derivatives trading out of the shadows and into the sunlight.

A requirement for end users like MillerCoors to post margin to its counterparties would have a serious impact on our ability to invest in and grow our business.

I think there has to be a freedom to fail. I think there will be banks that fail in the future as there have been for centuries in the past.

the end users wouldn't benefit from any transparency.

But it reminds me that in 2008, the financial system and the financial regulatory system both failed the American public.

No, unless it is going to break the law.