Congress wrote into our statute that this could be unreasonable price fluctuations or the volatility that do not bear resemblance to the fundamentals.

we have to get everything to work in the wheat markets and the grain markets as well, and I know that has been a challenge, too.

I think it is absolutely critical that we coordinate internationally with other regulators around the globe.

I believe that is correct.

I think it is important to bring, as you say, greater regulation to this whole over-the-counter derivatives marketplace.

The Commodity Futures Trading Commission, I believe, even with the generous support of this Committee and Congress is still sorely underresourced.

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

As Chairman of the CFTC, I will use every tool and 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 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.

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.

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

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

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

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

I'm committed to make sure that taxpayer dollars are put to work most appropriately and efficiently.

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

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

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

The agency shares that view.

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.

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

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

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