the consumer does need to know and the consumer needs to have the ability to make that choice.

This has been a very, very informative hearing. Before us is an opportunity to reintroduce some much-needed legislation.

There is public awareness, and public pressure that, with all that has happened within this area since the meltdown of our financial system, and there has been wrongdoing, but there is been no prosecution.

The personal liability regime for a senior manager, for example, at a clearing members who do nothing to stop reckless manipulative behavior on their watch?

We need to be very careful as we deal with our foreign markets, our foreign competitors.

We look forward to moving this issue, and handling Section VII of Dodd-Frank with good progress moving forward.

And so, going forward, what recommendations could you make to the CFTC to give greater clarity on this whole definition of U.S. person?

As the Democratic Ranking Member, I am looking forward to working with you and the Committee as we continue our critical mission to reauthorize the Commodity Exchange Act.

I am delighted today that we will hear from those who handle the infrastructure, those who have to deal with making sure we have a level playing field for both our end-users and our market participants.

Paramount, of course, is to make sure that the CFTC has adequate funding to do the job.

This has been a very interesting and very important hearing for us all.

How have you all, and the market itself, been affected by the Commission's guidance defining who is a U.S. person?

We want to make sure that we give the CFTC the resources that are needed.

It has been another very good hearing, and it is a joy working with you.

It is common-sense legislation, and we need to continue to move in that direction with new legislation as quickly as we can.

Do you believe that we in the Congress are appropriating sufficient funds for you all to do the job that we are mandating you to do?

We need to look with a very clear eye to make sure that we are not putting them at a competitive disadvantage.

I will say they have done a great job.

It is not fair to you.

We want to keep our eye on making sure the appropriations level is there for the CFTC.

we eased some reporting requirements for our end-users, and I believe that it was critical that we do so

So for all of you, what we did in H.R. 4413 is what we should continue to do in the new legislation.

Over a period of time we have had this issue of the definition of U.S. person, dealing with cross-borders.

I think that that is a path we need to keep on.

Yes. One of the concerns I had was the unfortunate financial burden that some of this had on you.