I also believe this system will help us hold insurance companies accountable for covered losses rather than forcing taxpayers to foot more of the bill through the deeply indebted National Flood Insurance Program.

I believe this proposal will provide more structure in the marketplace, which should increase the availability of insurance and competition, thus driving down premiums over time.

Thank you very much, Mr. Chairman and Ranking Member Grassley. Let me thank each of you and Senator Leahy, as well, for the courtesies you have extended to me as we have gone through this process.

I just wanted to note how pleased I am to be here alongside my colleague, Senator Casey.

I see today's hearing as an important milestone in making real progress in this direction.

Thank you very much, Mr. Chairman, and thank you for deciding to do this hearing.

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

I do think it is--and I know this does not directly affect you gentlemen. My understanding, though, is that the promulgation of the regulations does create the possibility that end users will have margin requirements in some cases, but not…

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.

In fact, Senator Johanns and I have introduced legislation that would deal with this which would really specify and make it clear that this requirement would not apply to end users.

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.

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.

I think it is very important that we do this in a very cautious fashion.

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

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.

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

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

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 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 would strongly urge you to pursue that.

I really think that is a minimum that is necessary.

Is receipt of such a notice a 'material event' that might affect the financial situation or the value of a company's shares in the mind of investors?

I think as a general matter, it is very unlikely that mutual funds are systemically significant to the degree that would justify this designation.

Thank you very much, Mr. Chairman, for giving me the opportunity in particular to welcome Mr. Thomas Deas.