Gary Gensler

We published proposed rules in January and asked for public comment.

We have an exemption for the commercial entities, but hopefully, we do not for the financial entities.

If we let it go, it is going to pull down everything else. That was the central lesson of AIG.

Giving the Federal Reserve certain authority in financial markets has the potential of setting up multiple regulators overseeing markets and market functions in the United States.

I think that the financial system so terribly failed the American public, and part of that is this over-the-counter derivatives world.

Congress should avoid any bright-line exemption that runs the risk of creating the next regulatory loophole.

I think that FERC take the leadership over RTOs.

I think that if it is a standard transaction, it would be best to be brought into central clearing and central trading.

It is now time to bring comprehensive regulation to this large and economically significant market.

I think it is a red herring, with all respect to Chairman Kelliher.

One year ago, the financial system failed the American public. The financial regulatory system failed the American public.

[w]e now face a new set of challenges as the nation continues to recover from last year's failure of the financial system and the financial regulatory system.

In 2008 the financial regulatory system failed the American public. We must now do all we can to ensure that it does not happen again.

History demonstrates that bright-line statutory exemptions or exclusions granted at one point in time can have unintended consequences.

I think Congress does want one agency.

The financial crisis only highlights this in dramatically revealing how unregulated OTC derivatives and their dealers actually can heighten and concentrate risk to the great detriment of the American public.

I want to thank Senator Harkin for his leadership of this committee and I look forward to working with all of you going forward.

One is promoting transparency of the markets, and two, lowering risk of these markets to the American public.

I am optimistic. When the President met with 20 heads of State in Pittsburgh, I think now we are about two months ago, he was successful in negotiating these core principles right in the G-20 statement to ensure that we brought the…

I believe that it is the large financial institutions that pose the greatest risk.

I think we need to enhance the CFTC's authority to police the markets against manipulation.

If we don't do this in the United States, others won't do it.

I think it is important that trade repositories and clearinghouses... be robustly regulated by the market regulators for governance.

I think the practical effect of the administration proposal, which I do fully support, is to lower the risk to the American public.

I share that frustration and that is what animates me.