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.

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.

I believe under the current statutory authorities that the CFTC does have that oversight.

I believe that part of regulatory reform, as the President has called for and Congress and the President are going to work closely together, and if confirmed, I am eager to lend a hand there.

I am honored to be President Obama's nominee to be Chairman of the Commodity Futures Trading Commitment at this critical time in the commodities markets, and for our Nation.

In this marketplace, I believe that we had a great many people come to the conclusion that it is another asset class.

That large and vibrant market is part of, I believe, the American success. And we should recognize that and put the burden on those who are suggesting changes and further regulation, put the burden on them before we tamper on some of the…

I believe that the entire over-the-counter derivatives marketplace, we need to bring those standardized products onto centralized clearing.

I think we need to put that in place.

the lessons of guarding against manipulation, guarding against excessive speculation would inform me, as Chairman if confirmed, and quite possibly inform Congress as to thinking about a regime in the carbon market, as well.

We should have fought harder.

I absolutely believe the CFTC needs more tools, unambiguously.

I still think that is the right foundation, that if something has finite supply and is more easily manipulated, that we should think of consistent regulation.

Looking back now, it is clear to me that those of us involved at the time should have done more to protect the American public through strong, comprehensive, and aggressive regulation.

CFTC performs vital functions and it is critical that all of its mandates are preserved, even as the demands on our regulatory agencies expand. A merger makes sense only if it enhances our ability to carry out the important task with which…

We need regulation. We need regulated markets and so that is what I am here to say.

I think that all of the markets that the CFTC has oversight for, futures markets and hopefully these other over-the-counter derivatives, where there is something of finite supply, it is susceptible, that underlying product is susceptible…

We need more resources to do that.

We have to do a far better job seeing that which is out on the horizon.

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

I believe that a great deal needs to be done with regard to the over-the-counter derivatives marketplace.

I couldn't agree with you more. I believe that is why we also need, working with Congress, to come up with a regime for the customized product.

So in 35 years, when the markets have grown more than 50-fold--again, markets have grown 50-fold, the agency is the same size. That is either efficiency or well, or it is underfunded.

I am recommending that those should be regulated, and the credit default swaps' unique properties.