I think it is, Mr. Chairman, and we would certainly love to work with you and the Committee and Congress on that.

I have a lot of sympathy for that, but I suspect that maybe a lot of what you want to accomplish can be accomplished by simply having CDSs cleared.

What worries me that everybody is going to have these position limits, on-exchange off-exchanges, that means that market makers... could be caught up in this.

I would argue a couple of things.

I would point out that, as it relates to state regulation of insurance companies, that we have reserving requirements and insolvency tests.

You contrast that with the financial services arm of AIG, unregulated, and by virtue of the Commodity Futures Modernization Act unregulated by the states and by the Federal Government.

On June 26th, on 1 day's notice, when gasoline prices were going over $4 and crude oil was approaching a world record high of $147, you on 1 day's notice with Ranking Member Goodlatte crafted legislation that passed on June 26th by a…

If this Committee wants the CFTC to stay as the principal regulator in this, it must work aggressively and it must demonstrate to the American people--and when I say 'the American people,' the industrial consumers of commodities are at…

Those who have no insurable interest, frankly, I would continue to argue, are purely speculative, and add nothing of value to the real economy.

I would argue that they are trilateral contracts in that you and I and the 300 million Americans have stepped up to the plate to provide the backstop on many of these contracts.