Sam Graves actually said...

"Investor Warren Buffet has described the multi-trillion dollar market in financial derivatives as the equivalent of a financial pearl harbor."

"I believe this Committee must work to ensure that the Commodity Futures Trading Commission, the CFTC, plays a leading role in appropriately regulating the derivative and commodity markets."

"prepared statement"

"It must be noted that the CFTC has a proven track record in clearing futures contracts, and to date has not lost a single dollar of a single customer's money due to failure of a clearinghouse."