Gary Gensler

I think that it is very important for the future of our economy and the welfare of the American people.

I think one of the lessons is that we need at the Federal level some clear authorities and mandates from Congress as to when a regulator can step in to protect against systemic risk.

I think the Chairman raises a very good point.

I think that there should be consistently applied capital rules for the over-the-counter derivatives.

I think that we share your concern that we need to bring a regulatory regime to the entire market.

As Congress moves forward and possibly further develops this, I would look forward to working with you and the Congress on how to get this right.

I am concerned that as the good news of an economy that rebounds... we might see a resurgence of these commodity prices.

I think that is correct, Senator.

The American public should not be so at risk--they were terribly exposed by unregulated companies.

I share your view that financial investors, index funds, contributed and participated in the asset bubble of last year.

I believe that we must urgently enact broad reforms to regulate the over-the-counter derivatives marketplace.

I think, Senator, you raise a very good question.

I think that the CFTC has over many years developed a skill set and has a mission to oversee the derivatives marketplace.

We absolutely need this in working with Congress to make sure that it has clear authorities on those most systemically relevant.

So we believe we have to bring regulation to the entire marketplace, including these tailored products.

anything that could get onto clearing, anything a clearinghouse would accept for clearing would be presumptively standard.

We need to bring regulation to that marketplace.

I think one of the great lessons of this crisis is I believe that our overall capital regimes--and this is not within the CFTC, but our overall capital regimes let the American public down.

We think that there are real benefits to also having it on an exchange.

I think at the core of the mission of the Commodity Futures Trading Commission is to make sure that the markets are fair and orderly and that there is integrity.

We should have the authority to set position limits, because these would be physically limited, these contracts would have a limited supply.

I believe that we will need to work together on the appropriate authorities to put in place aggregate position limits over the marketplace.

Well, I think that was the case broadly in this economic crisis.

leverage in the American economy is one of the big causes of the crisis.

I pledge to work with this Committee and Congress to try to restore confidence in the financial regulatory system.