Carl Levin actually said...

"Do you believe that the dramatic increase in commodity indexed trading and the futures which are purchased to hedge against a risk, has played a significant role in the failure of convergence?"

"And when are you going to be deciding whether to carry out that mandate--in other words, remove the exemptions, remove the waivers?"

"I think that we have the clear authority to do it as it relates to the two no-action letters."

"Well, thank you all very much for your testimony."