Mark Warner

The challenge, though, is when you have got these new technology tools, how do you balance the innovation.

I think there would be actually bipartisan sense that some of the more egregious actions on payday lenders needs to be stopped.

I would point out that if you look behind you, you will see a lot of folks who are supporters of the Bureau.

Due to a prior commitment, I regret I was not present to vote on the nomination of Dr. John B. King to be Secretary of the Department of Education. Had I been present, I would have voted in support of his confirmation. I look forward to…

For months and years now, we have called for a culture of safety. But what we get is a culture of resistance to making changes for safety.

What more can the Federal Government do to help? What more should we in Congress do?

I would just say, and I do not want to state the Chairman's position, but the Chairman and I want the markets to work.

But, I hope we would actually move forward, because I think, again, whether it is liquidity or market making, there are lots of broad-based rationales given that, when the stuff hits the fan, sometimes if they are not there, then this…

The bond markets ought to be the most transparent of our markets.

Six years is a long time.

Over the past few decades, we have seen remarkable technological progress and innovation in our security markets, coupled with substantial regulatory reform.

Thank you, Mr. Chairman.

But, it is a fair critique, not of you all, but some of the exchanges, that their first round of proposals were more about preserving their own commercial interest than actually trying to figure out how we can bring more trading frequency…

We do need action and we need prompt, quick action from FINRA, Mr. Ketchum, so that there is, whether it is a reserve fund or some action, but not an action that is studied for years.

It is clear much work around market structure remains. So, where do policymakers go from here?

I can think of no--nothing better in terms of part of your legacy than to say, at least on this issue of arbitration, people who rightfully have an ability to collect from malfeasance.

I think that is something where, while most of them are now, it is important for the Commission to clarify that.

I think it is really important that you hear us that the public's faith in the markets and the transparency and is it going to be treated fairly, I think we are not out of the woods on that.

I hope you will take back, Steve, the notion to the Commission that at least this Senator's patience is wearing very thin.

It is beyond frustrating that nearly 6 years after the Flash Crash we still have not built the CAT.

In the era of microsecond trading, we need to reevaluate the way our stock markets function.

So, it is not unrealistic to think that we might have a maker-taker pilot at least started or close to started this summer?

I strongly endorse this maker-taker pilot to help detect conflicts of interest, promote price transparency, and reduce inefficiencies.

I believe strongly we should explore additional pilots.

I think a lot of us are kind of scratching our head to a degree.