Gary Gensler

I think that the oversight of the financial institutions who are swap dealers would still be the traditional prudential regulators.

I believe we cannot afford any more multi-billion dollar bailouts of ineffectively regulated derivatives dealers.

I think that goes a far way to the Congressman's question but also to have the ability to set aggregate position limits, not only in the futures market, but across these markets where it affects the markets, particularly for products that…

The financial regulatory system failed the American public.

I think it is something appropriate for Congress to take up.

They would still be fully regulated but regulated through the dealer regulation.

Congress also should explicitly authorize regulators to require derivatives dealers and counterparties to segregate, or set aside, from their own funds the margin collected from counterparties.

I am certainly committed to meeting with the clearing members and users.

We have a fundamental crack or a problem in our foundation here in that the system designed to hedge risk, to ameliorate risk, actually has caused risk in the economy; what is the underlying solution to that?

I think that it will bring greater transparency to energy markets.

I believe that the administration sent up to Congress a very strong package.

I believe that we have to have 100 percent of the futures marketplace regulated.

I do believe, though, working with Congress, that contract too should be under regulation.

We are looking to do that in the fall with proposed rules.

I think that what we have learned from the European experience is these markets are going to be likely sizable, that we have to bring transparency to these markets, that they need to be regulated.

I think that what we can do moving forward with Congress is make sure that if you move forward, the trading side is most transparent so the farmers and ranchers can see that pricing.

You have highlighted the intersection of Congress' work between cap-and-trade and over-the-counter derivatives reform.

I think that the best role for the CFTC is to help promote transparency so market analysts can best answer the Senator's question.

I think the trading has brought greater price discovery.

I believe that all futures on these carbon markets should be on exchanges.

To some farmers, they would say, rightly, the future is $2 more. Shouldn't I get $2 more for my blood, sweat, and tears and all my inputs?

We need help with resources, and we thank you very much for that recent vote in the Subcommittee.

The farmer and anyone in the physical commodity chain has less confidence in an ability to hedge their risk.

I think, Senator, that we had a worldwide asset bubble in a lot of classes of assets.

The Congress said in the 1930s that we shall set position limits, and we should go about that job to help protect against the burdens that can come from excess speculation.