How do you justify the year and a half?

It cannot be the taxpayers of the United States.

There is no justification--no justification--for not notifying the Government when you know there is a counterfeit.

We have to have a certification system in place for parts that do not come from the original manufacturer or their authorized dealer.

It is a proven, known source of the problem. It is an epicenter of counterfeits coming into this country.

We are not willing to wait any longer.

I would suggest you not make these decisions, and you are not allowed to make these decisions unilaterally.

I am determined and I think we are determined, and I know Senator McCain has spoken on this and other members have spoken.

Wall Street needs it big time.

In terms of the excessive amount of speculation, you do not consider that to be legitimate? If it is excessive, it is not legitimate.

A direct link between a futures contract going up in price because of that last month, and that is used by the people who are actually buying and selling the commodity.

The most important question is the relationship between the amount of speculation in commodities and the prices of those commodities.

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.

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

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

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

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

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

Commodity prices have whipsawed American families, farms, and businesses, run roughshod over supply and demand factors.

It depends on the supply-and-demand situation for the underlying physical commodity in your judgment.

But the speculation has now gone way beyond providing the needed liquidity for that kind of hedging.

Does that trouble you? Are you OK with it?

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...

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

I am concerned that differing treatment is problematic and will encourage levels of speculation because of that loophole that are going to be problematic for consumers.