I think it is necessary that we take that approach so that the tremendous benefits to the economy from these tools do not get eroded.

Senator Toomey and Senator Crapo correctly discussed the clearing fees, the margin or, indeed, the capital fees...

Thank you very much, Chairman Reed, for this opportunity to welcome Dr. Chester Spatt.

Senator Toomey rightfully emphasized that the current model of futures markets clearinghouses worked well during the crisis.

As to whether or not an end user should have a margin requirement, I think that is a credit decision that should be made by the counterparty.

Recent revelations that Apple iPhones have been tracking and storing user locations without consent and Facebook apps may have leaked profile information to advertisers are certainly causes for concern.

As a general matter, I prefer to see the industry self-regulate, and I am eager to learn from our witnesses on the measures that have been put in place to safeguard against possible future consumer harms.

I do, however, want to commend Apple and Facebook for taking swift action in both cases to correct the problem.

I just hope that we won't lose sight of the many consumer benefits that have come from the innovative technologies that are brought to market by the companies that we will be hearing from today.

I am also very concerned about protecting their identity and safety, especially when they use mobile devices and other online applications.

Like most Americans, I am protective of my personal information, and I believe I should have control over who accesses that information.

I really think that is a minimum that is necessary.