Jeff Merkley actually said...

So let us say the initial deadline on trading was, say, March 2012.

So I want to back up and see if I heard you correctly. You say that commodity trades in the near past sometimes were unsettled for 3 or 4 ye...

Certainly in my home State of Oregon, we do a lot of wrestling with what strategies will most affect pollution, most affect congestion.

I am trying to picture how this unfolded and I assume it was volume discounts and the competition between Fannie and Freddie.