Tom Harkin

It is imperative that we pass strong financial regulatory reform in this body and not just piecemeal, patchwork reform, but comprehensive and fundamental reform that brings full transportation and accountability back to the markets.

I would also say it is not sufficient to assert, as many swap dealers do, that the market for credit default swaps function properly and has experienced no major problems during the current crisis.

It is not credible to assert that the markets and present regulatory system have worked.

We must restore proper regulatory oversight if we are going to get this economy built on a solid foundation.

The last thing we should be doing is contributing a whole host of new, unappealing consequences in an already volatile marketplace.

We must protect consumers and lower systemic risk and enhance the price discovery function of the markets.

It is imperative that we all work together to come up with a solution that will bring transparency, accountability, and stability to our derivatives markets.

Nor do I agree with those who assert that more rigorous regulation of these markets will discourage innovation or hamper our economy.

The derivatives markets must work properly and in the open.

I am still going to continue to press this issue.

We need your input to us on authority, which you just mentioned here; if there is additional authority that you need to carry out your mission, we need to know that.

Wouldn't the public interest require this price discovery to be on an open, properly regulated exchange?

We cannot continue to do what we have been doing. We have got to make some changes.

I think we agree on the need to enact significant regulatory reform--significant regulatory reform--of the derivatives market.

If Congress is truly interested in addressing the problem as opposed to politicizing a solution, we can no longer ignore the complexities of these markets.

The administration strongly believes Federal student aid resources should be focused on broadening access to higher education for all Americans.

I agree that we should not charge students more for their student loans in order to generate profits for lenders.

Well, how can we be helpful both on the authorizing end, but also on this end, the Appropriations Committee, if there are things that we need to pilot or we need to look at in terms of boosting some funds some place, to enhance that, I…

A longer school year.

Now we just want to make sure that we use it well and wisely.

I think that the President was very bold in the Recovery Act, and I think that he met that by putting that money in there for education.

I hope that we are being diligent in trying to check that.

I would submit it is vitally important, and so again, with all this pressure from No Child Left Behind, I hope we think about those other two things.

When you build an elementary school without a playground, I don't know what statement you are making about the health of our kids.

You have to get it out by 2010?