Gary Gensler

I think one of the great lessons of AIG was that there was unregulated institutions. That's why I am for regulating all derivative dealers, whether they're affiliated with banks or not.

As Chairman of the CFTC, I will use every tool and authority available to protect the American people from fraud, manipulation and excessive speculation.

I will also work with Congress on new authorities to bring much-needed transparency and regulation to the over-the-counter derivatives marketplace.

I think whether it's in Government or in commerce, it's important to consider that a merger just for merger's sake is probably not much reason to do that.

Senator, I think you're right in these are important challenges.

I would like to thank the Committee for the $146 million recently appropriated for the CFTC for the 2009 fiscal year.

I firmly believe that doing so will strengthen market integrity, lower risks, protect investors, promote transparency and begin to repair shattered confidence in our financial markets.

We do think that it's important to work with Congress to embed in statutes some additional authorities with regard to foreign boards of trade.

I wish to applaud you and Senator Levin on that bill.

That's why I am for regulating all derivative dealers, whether they're affiliated with banks or not.

The agency shares that view.

I will use every tool and authority available to protect the American people from fraud, manipulation and excessive speculation.

I come before you having served as Chairman just 6 calendar days, but with full knowledge of the failures of our regulatory system.

I'm very concerned, given the current environment and the amount of money people have lost in their retirement plans and in their other investments, that they will be reaching to try to make that money back through some particularly risky…

I think that explicit authority should be given to the Federal regulators, with the CFTC taking the lead on position limits.

I think it's critical that we not have any gaps in regulation.

I believe that index investors, hedge funds, and other pension and financial investors were a contributing factor in this asset bubble of last year.

I share the concerns that this agency is both underfunded, as you and Senator Lieberman's panel determined last year.

I will use every authority available to protect the American people from fraud, manipulation, and excessive speculation.

We have learned that transparency and accountability are essential and that only through strong, intelligent regulation can we fully protect the American people and keep our economy strong.

I'm also grateful to each of you for your individual support on my recent confirmation.

The American public, though, needs the benefit of capital to start moving again, to purchase their automobile, to have the student loans, to get their credit cards rolled over, and to get their mortgages.

The regulatory and financial system completely failed the American public in this regard.

I believe that even now, where the Federal Reserve might have broad holding company regulation, that if confirmed, I would look forward to working with Congress and the other regulators to make sure that the dealers themselves have to have…

To the American public, I would say, as we saw----