Gary Gensler

I think that every manufacturer in your State and in all of the States suffered gravely when AIG went asunder and $180 billion of our taxpayer money, I mean, roughly $3.5 billion per State.

Increasing transparency for the standardized derivatives should enable both large and small end users to obtain better pricing on their derivative products.

I think if we bring transparency all the treasurers and assistant treasurers can see the pricing, we are going to see that small businesses actually are benefited.

I think it is important in the statutory language you pass here, if successful, that there be some recognition explicit authority for the Commodity Futures Trading Commission to register some foreign boards of trade.

I think, Congressman, you have hit upon the core question for Congress in this.

I think that we should work with this Committee and, hopefully, with Congress to clarify, because that would actually raise risk of clearinghouses rather than lowering risk of the clearinghouse.

I thank you for asking because I wasn't able to say it in my oral testimony, but clearinghouses reduce risk immediately upon a default that one of their clearing members make and can close out, liquidate the position, and that is…

I, like you, have met with a lot of energy companies in these last 5 weeks, and I think that we can achieve both goals.

The need for reform of our financial system parallels what we faced as a nation in the 1930s.

I couldn't agree more with the Chairman. We are talking about a paradigm shift here.

One year ago at this time, the financial system failed the American public, and the financial regulatory system as well failed the American public.

Regulating derivatives dealers is important because this financial crisis has taught us that the derivatives trading activities of even one firm can threaten the entire financial system and all Americans.

The financial crisis has taught us that the derivatives trading activities of a single firm can threaten the entire financial system.

Bureaucracies set up to regulate corporations end up protecting corporations.

That is always a legitimate concern. That is why we worked so closely with the FSA in London and have a very good relationship with the head of that, Adair Turner.

limiting overlapping regulation by the SEC and CFTC to only where it is beneficial, and eliminating opportunities for arbitrage or regulatory uncertainty

Comprehensive regulation of the over-the-counter derivatives market, I believe, will require two complementary regimes.

I think we bring good transparency and lower risk to the system, and we have the tools to police against manipulation and corners and squeezes and other abuses that might be at the center of what you are saying.

We have to bring comprehensive regulation to the over-the-counter (OTC) derivatives markets.

We are trying to promote competition amongst exchanges and trading venues.

the American public benefits by a regulated market economy.

The benefit of bringing the marketplace into transparent exchanges and on to clearinghouses is very important.

let's bring regulation to the over-the-counter derivatives.

I do believe that we need to do more on this regard, that customer accounts need, if they post margin, need to be properly segregated.

If I might add also, I know it is outside our remit, but the Administration has talked about those institutions that are so systemically relevant that they are called tier-one institutions.