Gary Gensler

So you could see what is--there is a lot at stake here, and end-users can't always see these little basis points, but they add up like the grains of sand in the financial sector.

I think transparency enhances liquidity, not diminishes liquidity, but they would take the other side of that, and I respect that we might have a difference on that.

We put out proposals on position limits to use the authority that this body--and in fact, this Committee was probably the first Committee that asked us to do that back in 2008 if I remember.

I believe as long as we follow Congress's mandate that the blocks are delayed and second, that we protect that the confidentiality of the parties, that it is not an impediment, but we still need to make sure that we protect the…

We do not regulate prices or the level of prices, or volatility itself, but we have to ensure that the markets have integrity.

We are concerned and disappointed that the CFTC is using the Dodd-Frank legislation to not only implement a regulatory regime for previously unregulated OTC trading, but as an opportunity to propose unnecessary and extremely prescriptive…

Let me assure you, I share your view. July 20, the day before the President signed a bill, we got the 30 team leads together and I said we shouldn't over-read this statute nor under-read this statute.

We are working very closely with the foreign regulators to ensure, as best we can, with different cultures and different political systems that we have consistent regulatory treatment.

This is a challenge because our great nation has too much debt.

We don't have the budget or resources to oversee.

I thought in October of 2010 that we should narrow back.

I am honored and pleased to have had this most recent chance to once again work with Chairman Dodd on what became the Dodd-Frank Wall Street Reform and Consumer Protection Act.

It has been tremendous cooperation, over 100 meetings with the SEC, and it feels a lot are around these trading venues.

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

I want to thank Chairman Dodd for his leadership on the Banking Committee and in the Senate.

I think the market-wide circuit breakers... are going to take a close look.

I think that through the financial reform package, it appears Congress will add some of that.

The more transparency we bring, it lowers risk as well to the public.

I would advocate we not have those exemptions for financial entities.

I have advocated for no exceptions.

I was encouraged, Senator Collins, by what you said on that.

Our system today does not just have 'too big to fail.'

Transparency leads to lower cost, lower bid spreads. It does shift the information advantage away from Wall Street.

The more transparency we bring, it lowers risk as well to the public.

What we need in our society, I believe, is that the large swap dealers should be able to fail.