I think our financial system failed in part because our regulatory system failed in 2008.
I think the downside is if we do not protect our markets, the price discovery and the integrity of these markets are weakened.
We have come forward with proposals. These are not final rules, but we have proposed that exchanges and clearinghouses have to have new pre-...
I think that there are a number of things that have changed in our marketplace, and you have addressed one important one.
The SEC and CFTC have worked jointly on those definition rules. So in that case we are actually aligned.
I think we are on track to do what Congress intended us to do, but we are delayed.
If your agency does not receive sufficient funding, businesses could see delays in reviewing applications and requests.
We think it is pretty clear: If it is non-financial, it is out.
I fear we will be slower than we should be on many of those applications.
But, at some point, people also have to put in perspective that the public out there just feels completely unprotected still, since 2008.
I think it is our responsibility, each of us, to make sure taxpayers do not stand behind any financial institution, not clearinghouses.