This discussion is not only appropriate but, perhaps, sadly overdue.

I believe that the Derivatives Markets Transparency and Accountability Act of 2009 goes a long way toward rectifying the inherent problems in our current regulatory framework.

This discussion is not only appropriate but overdue.

I congratulate the Committee for its commitment to gain and provide a greater understanding of the importance of credit default swaps.

I thank you today, Mr. Chairman and Members of this Committee for your courageous stand and your desire to re-regulate Wall Street.

the blame is being put on the United States for having created this crisis.

I can guarantee you, London will regulate this stuff faster than we will regulate it.

put these instruments back on a transparent market like the Chicago Mercantile Exchange.

If we called torture 'enhanced interrogations,' one would think we would come up with a better name than 'bad bank,' but we can't, because bad banks hold bad instruments that were unregulated.

The American taxpayer has now guaranteed $6 trillion of the banking system.

I happen to believe that is a specious argument, and that it is the requirement of this argument to ferret out potentially illegal activity and protect the citizens of this nation.