I just can't imagine the regulatory arbitrage problems that we would have if we broadened this to 50 jurisdictions within the United States.

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.

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

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.

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

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.'

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.

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

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.

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…