Speculators and hedgers each meet in a marketplace and both have roles in the marketplaces.

I believe as long as we follow Congress's mandate that the blocks are delayed and second, that we protect that the confidentiality of the parties, that it is not an impediment, but we still need to make sure that we protect the…

We are concerned and disappointed that the CFTC is using the Dodd-Frank legislation to not only implement a regulatory regime for previously unregulated OTC trading, but as an opportunity to propose unnecessary and extremely prescriptive…

we feel that we have to follow Congress

We are very sensitive to end-users. End-users--the corporations, tens of thousands of them, municipalities, hospitals, small real estate developers, need these products to hedge their risk, and that is absolutely critical.

We put out proposals on position limits to use the authority that this body--and in fact, this Committee was probably the first Committee that asked us to do that back in 2008 if I remember.

Based on Bank for International Settlements data, it is somewhere in the order of nine or ten percent of notional amount is between non-financial entities or the end-user exception.

Let me assure you, I share your view. July 20, the day before the President signed a bill, we got the 30 team leads together and I said we shouldn't over-read this statute nor under-read this statute.

This is a challenge because our great nation has too much debt.

We don't have the budget or resources to oversee.

I thank you for inviting me to today's hearing on implementing the Wall Street Reform and Consumer Protection Act.

I think so. Congress has actually asked us to do it by July, and we are human, so some of it will certainly be after July.