Gary Gensler

But no one will be required to do it.

I think the entire regulatory system failed the American public, so I would have to include all of us regulators, in a sense and yes, in the broadest sense.

We were intentional in not asking for flexibility for swap dealers.

In the United States, hundreds of billions of taxpayer dollars were put on the line to bail out the financial system.

I think Congress recognized markets work best when not only are they transparent, but open and competitive.

We are absolutely listening and the five Commissioners--the back and forth is working.

I believe we have the authority not to impose it, and that is what we plan to do if I move forward.

it is more informed because Congress tells us what we have to do

we feel that we have to follow Congress

the market loses transparency. The market greatly benefits from real-time reporting.

Openness and competitiveness was at the core of what Congress asked us to do in these rules.

Historically I think there is some truth to that. Clearinghouses, though, under the new Dodd-Frank would be far more open, because that is what Congress directed.

We are very sensitive to end-users. End-users--the corporations, tens of thousands of them, municipalities, hospitals, small real estate developers, need these products to hedge their risk, and that is absolutely critical.

I also want to congratulate Chairman Lucas on becoming Chairman of this Committee that is so critical to both the economy and American agriculture.

I thank you for inviting me to today's hearing on implementing the Wall Street Reform and Consumer Protection Act.

I think that they will benefit from the transparency from the marketplace, and we have put out a proposed rule...

The market worldwide is about $600 trillion notional, about a little less than half of that is here, but let us call it $300 trillion.

I think the threat is the other way. Clearing lowers risk to the whole economy.

Based on Bank for International Settlements data, it is somewhere in the order of nine or ten percent of notional amount is between non-financial entities or the end-user exception.

Speculators and hedgers each meet in a marketplace and both have roles in the marketplaces.

I think that through the extensive work that Congress did in its oversight and putting together the Act...

Proposed rules on margin shall focus on transactions between financial entities rather than those transactions that involve non-financial end-users.

I think you would have to ask the Secretary of the Treasury what he is going to do on that, with all respect.

I think it has extended it across a 24 hour timeframe, and that there are more news events that can move a market overnight.

I think so. Congress has actually asked us to do it by July, and we are human, so some of it will certainly be after July.