Joe Morelle

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.

I think we agree that a group of states together in either compact or with model legislation would come up with a national standard that could be used.

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

I am pleased to be here today on behalf of NCOIL to discuss draft legislation titled the 'Derivatives Markets Transparency and Accountability Act of 2009.'

The goals of this draft bill would be best realized and enacted by the states; whether the CFMA was overbroad in its intent and application

CDSs are, in fact, a species of insurance, and naked swaps are more akin to gaming than insurance since they lack insurable interest.

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.

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…

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…

I would also say, when the airline industry is mentioned as suffering from this, I expect you will hear from the airline industry that it suffered substantially from the deregulation that it experienced over the last summer.