Gary Gensler

I think this is a partnership with Congress.

I think within our current authority we can address position limits for futures.

I think they should be regulated, as they have been for decades, by the principal market regulators.

I believe that we must establish a regulatory regime that governs the entire over-the-counter marketplace.

I think that we actually already have a number of clearinghouses that have been very well and successfully regulated for decades.

I believe, Mr. Chairman, that anything that a clearinghouse would accept for clearing under prudent risk reduction should be accepted for clearing as standardized.

I think, Senator, you raise a very important point.

We need to provide the transparency and efficiency to these markets that we believe we have in our securities and futures and options markets.

I think it is incumbent upon all of us to address over-the-counter derivatives.

I believe for small firms that this will actually lower costs of doing the standard product.

We need to protect the retail public in these markets as we do in other markets we oversee.

I'm fortunate to have as a partner in this effort, SEC Chair Mary Schapiro. She brings invaluable expertise in both the security and commodity futures area.

By regulating the dealers, we get nearly 100 percent of the marketplace.

I think the mortgage sales practices in this country failed, failed terribly.

I believe we must urgently move to bring the over-the-counter derivatives marketplace under regulation.

I believe, sir, that that should be reported to all the regulators and certainly aggregated in the aggregate positions by underlying commodity.

Well, I think that--it has never happened, but we cannot rule it out, and we should make sure that--and it is one of the lessons of this crisis, is that we have to make sure that our statutes are up to date so that in an extreme…

We need to ensure integrity in these markets, preventing fraud, manipulation, and other abuses.

As President Obama laid out last week, we must urgently enact broad reforms in our financial regulatory structure in order to rebuild and restore confidence in our overall financial system.

I think that Chair Schapiro summed it up well, but I think, if I might say, one of the great lessons out of this financial crisis is that we had large financial institutions that were, by and large, outside of the regulatory regime.

President Obama has called for action to strengthen market integrity, lower risk, and protect investors.

I think that we need to bring a great deal more transparency to the markets, and I think this will actually lower the pricing for the tens of thousands of users.

What we are recommending is that clear rules of the road would be put out by the regulators.

I am fortunate to have a partner in this effort in SEC Chair Mary Schapiro.

The amount of bad judgment exercised by people paid enormous amounts of money in salaries and bonuses is kind of breathtaking to me.