Tom Coburn

Well, but they do sell. They just roll.

OK. Does the higher volume generated by the commercial index traders actually increase liquidity or decrease liquidity, in your opinion?

The American consumer did not win, but the American farmer sure as heck did not win either.

What are the potential unintended consequences if you were to do that? Have you thought through that?

Do you think those have any impact at all on price swings? Do you think the average investor who is being told to invest in an index fund has any idea about what the risks associated with that are?

Do you think the double-down and double-up index funds that are double-hedged have any extra contribution to some of the phenomenon we have seen?

That is a concern that I have because I think if we become too restrictive here, the invested capital goes somewhere else.

But we do have more corn that is out there and more contracts, right?

So it would seem to me that there is no question that there is a direct relationship of index funds and the long-held positions that would account for some of this non-convergence.

So delivery does have a lot to do with some of this lack of convergence?

Isn't the real reason that there is no problem with price convergence in Cushing, Oklahoma, is because if you have your name on that barrel of oil, you better be there in Cushing because delivery is going to happen?

Senator Coburn talked about West Texas intermediate. That contract has converged, and it has a different contract design than this contract.

I want to thank you for calling this important hearing.

Our report, which was issued by myself and Senator Coburn last month, concludes that the huge number of wheat futures contracts being purchased by derivative dealers selling commodity index instruments have, in the aggregate, constituted…

We haven't made priorities. They are wasteful projects. Most of us don't want to steal future from our grandkids to be able to do something that's really stupid right now.

I will be happy to help you shuffle that money around.

You had made a commitment to me at that time that you would do whatever you could in your power, if Congress failed to act, to make sure that that was funded.

While I disagree with some of your conclusions, I appreciate your thoughtful approach to the issue.

I am both puzzled and frustrated by their apparent unwillingness to engage Congress.

I believe our founders thought that the Supreme Court would be the check and balance on the commerce clause, the general welfare clause, and the insurance of the 10th Amendment.

Do you not consider it ironic that the majority of the debate about the 14th Amendment in this country was about the taking of guns from freed slaves?

My constituents in Oklahoma understand, as do most Americans, that the right to own guns hangs in the balance.

We do not do a thorough job in making clear our intent or the background of our intent.

I think our Nation is at a critical point. I think we are starting to see cracks.

You must demonstrate that you will strictly interpret the Constitution and our laws and will not be swayed by your personal biases or your political preferences.