David Scott

I think it is a serious threat, and we can try to put the best practices and protocols in place...

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

I want to see if we are putting them at any risk.

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

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 value your input, we value your views, and we know that you will provide a critical foundation for the work that this Committee must undertake.

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.

I want to emphasize how pleased I am with the work that we have been able to accomplish so far as we examine the critical issues that affect our markets.

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

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

We look forward to putting together our legislation coming up that will be very similar to H.R. 4431.

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

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?

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.

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

So the markets are global, as you said, and inevitably you are dislocating the marketplace.

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

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

I will say they have done a great job.

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

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

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

It is right up there now around $700 trillion worth of the world's economy.

I too am committed to a piece of legislation that will increase access and integrity in the market.

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