Based on statements made from financial interest experts in the field and so forth, the belief is that speculation has driven up the price of a gallon of gasoline in America as much as 56 cents a gallon.

I think Chairman Genachowski has once again said the Congress could solve this problem.

Let's take a look at it because I think it's something that if it requires change in the law, I'd like to consider that.

I think the Senate is likely to proceed based on this bipartisan law signed by the President.

The President had requested close to $300 million, I believe, for this current fiscal year.

I think you are carefully avoiding saying whether there's been any specific factual inquiry on anything until you have satisfied the first question.

I guess the obvious question that follows once we understand the process under the law and the history of the law is whether or not you and the commissioners believe that we are facing 1 of the 3 options that would lead to emergency action.

But not the substance of your discussions?

So, let me try to get down to some basics here so I can understand from a layman's point of view how I would explain this to people.

Your current-year appropriation is in the range of $205 million.

I'm asking two questions, and I want to make sure that they're clear each.

To your knowledge, does the Congress have any authority to order you to exercise that emergency power?

I find it hard to believe that encryption is the threshold, and how in the world would the average person know that or be able to protect themselves.

The record of the hearing will remain open for a period of 1 week, until noon on Wednesday, April 25, for subcommittee members if they wish to submit statements and/or questions.

I think that's part of the reason why we want a well-funded CFTC because the nature of the market is so heavily toward the financial actors and so heavily toward the speculators.

I happen to agree with the Commissioners in this regard.

I hope that this testimony today will start some people thinking about what this student loan debt is going to mean to us in the longer term.

the economic case is there. There is a set of homeowners who are deeply under water and experience a hardship where it is better for the taxpayers to reduce principle.

The 9/11 terrorist attack demonstrated the need to provide our police, firefighters, and rescue personnel with dedicated lines of communication.

All Federal agencies have a duty to act as careful stewards of the taxpayer dollar, and those who disregard that duty should and will be held accountable.

I think our experience with BRAC has us a little shellshocked.

Please make this intelligible to ordinary consumers so they know what they're getting into here.

I would say that for at least 20 of my colleagues, they have come down on the side that speculation is linked to higher prices.

I love my interns. I started off as an intern in a Senate office.

I believe, have a well-funded agency to ensure that these markets are free of fraud and manipulation.