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

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.

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

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

And isn't that a problem?

Are ETPs adding to speculative pressures on the commodity markets?

Does that trouble you? Are you OK with it?

Would it be useful for you to take that up?

Those are the speculators we are talking about.

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

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

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

So that there is a direct link between the futures contract price going up and the commodity price going up because people buying and selling the actual commodity use that next month's futures price as the basis for their price in the…

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.

Speculators, who by definition do not plan to use the commodities that they trade but profit from the changing prices...

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

We are just warming up for Mr. Gensler.

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

And are price distortions and large price swings a problem?

Transferring that much purchasing power from consumers on Main Street to speculators on Wall Street puts a severe drag on the economy.

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

People are beginning to understand the role that Wall Street plays in this.

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

I think it is critical that these markets have only--that they not have outsize concentration by one party or another.