I think that the best role for the CFTC is to help promote transparency so market analysts can best answer the Senator's question.
I think the trading has brought greater price discovery.
You have highlighted the intersection of Congress' work between cap-and-trade and over-the-counter derivatives reform.
We are looking to do that in the fall with proposed rules.
I do believe, though, working with Congress, that contract too should be under regulation.
I believe that all futures on these carbon markets should be on exchanges.
I think that what we have learned from the European experience is these markets are going to be likely sizable, that we have to bring transp...
The farmer and anyone in the physical commodity chain has less confidence in an ability to hedge their risk.
I think within our current authority we can address position limits for futures.
I think, Senator, that we had a worldwide asset bubble in a lot of classes of assets.
I think this is a partnership with Congress.