Carl Levin

We also have to end the attitude of the Chinese who will not cooperate with this investigation and who will not act against the counterfeiters.

The only people who benefit from counterfeits are people who are making money off those counterfeits, and we have to end that.

Wall Street needs it big time.

Do you have a hunch as to whether it would increase speculation?

They did not succeed in that bill. I am glad for that and had something to do with that.

Would it be useful for you to take that up?

Do you expect you will take that up?

There has been some discussion here this morning about position limits not applying to the multicommodity swaps.

We are, but it is a very different issue from the battles which we have been waging here to try to protect taxpayers and the Treasury from companies that are too big to fail.

If there was improper activity here that impacted their customers and their clients, that needs to be taken up as well.

We are going to protect the taxpayers from companies that are too big to fail.

You have got discretion to determine that; isn't that just your ordinary function?

We adopt laws and you guys implement it, and in your discretion you further define things.

It is clear that it has to be defined before the rule takes effect using the word which needs to be defined.

All right. So as I understand it, these offshore affiliates of mutual funds that do not now have to register as commodity pool operators with you...

All right. So you are looking at eliminating that exemption.

So you can use that authority to level the playing field. Is that correct?

I think we all would agree with that. There are a lot of reasons for assuring market integrity.

There are good reasons to have a global regime. I happen to agree with that.

The goal of making our markets more transparent and greater integrity is an attraction to investors.

And isn't that a problem?

And, therefore, does it require oversight from either or both the SEC and the CFTC?

The Dodd-Frank Act acknowledged the existence of these mixed swaps as hybrid instruments that warrant oversight from the SEC and the CFTC.

So is that one of the purposes of the Dodd-Frank Act, to prevent excessive speculation?

Do you believe that the purpose of our congressional enactment is to prevent excessive speculation?