Gary Gensler

We now have with the Commission full final set of rules on pre-trade transparency provision, the swap execution facility, and we are working through it in a very constructive way amongst the five of us to reach a consensus and move…

the non-financial part of our economy employs 94 percent of private-sector jobs

I think that you gave us clear direction on this and clear authority.

I think long term, though, we are going to find that that rate--that has been so pervasively and readily rigged--is not sustainable in our financial markets.

I liken it sometimes to if the National Football League took on eight times the number of games--because we have eight times the number of risks that we are overseeing--and kept the same number of referees.

I stepped aside, I am not participating and have not participated in these last 18 months or so since that occurred.

the American public needs some protection and oversight, and so I think that is where we are.

As Chairman Gensler indicated, commercial end-users represent nine percent of the OTC market, but we create 94 percent of the jobs.

I appreciate that note about 50 hearings in this job, but I think I have also been told it is my 10th before you, and I always enjoy being here and the advice and counsel that you give us, whether it is in the rule writing or everyday…

Five years ago tomorrow Bear Stearns failed. You might remember this was a large financial institution in New York.

There is always more work to be done, so if there are issues, we want to address them.

I think that we are not right sized for the critical missions that you have given us.

So what does this mean? For the first time the public is actually benefitting from seeing the price and volume of each swap transaction.

The legislation would make our jobs quite a bit harder.

Thank you, Chairwoman Stabenow, Ranking Member Cochran, and members of the Committee, the new members. Good to be before you.

We gave a lot more time; whereas, the swap dealers might have, for instance, 30 minutes to report their trades this year, the end user to end user trades we gave--I cannot remember--in some circumstances 2 days, in some circumstances 3…

I think why Congress included all of the trades coming into the trading repository is that regulators had a view of the whole market.

The cross-border area is one of the more challenging pieces of our rule writing.

I thought was just law, that you should not use one customer's money to benefit another customer.

No, we absolutely do not. We are currently shelving enforcement cases.

I think it is a very good investment for the taxpayers to ensure for transparent markets, but also that farmers and ranchers and everybody that uses these products have better confidence in customer protection and so forth.

I think that we need to do more.

I think it will. I think that if we have registrations of 15 or 20 swap execution facilities, many of those applications will probably be sitting on the shelf for a while.

For the first time, the public is benefiting from seeing the price and volume of each swap transaction.

The CFTC now oversees the derivatives marketplace--across both futures and swaps.