. >> thank you, chairman of the -- schapiro. chairman gensler. >> thank you for inviting me to testify today and i am pleased to testify on behalf of the commodity futures trading commission. on this anniversary it is important to remember why derivatives reform was so necessary. when a ig and lehman brothers failed we paid the price. all of your constituents paid the price. the effects of the crisis continued to be very real with significant uncertainty in the economy and millions of americans still out of work. though the crisis had many causes it is clear the derivatives played a central role. swaps added leverage to the financial system with more risk backed by less capital. they contributed particularly through credit default swaps to a bubble in the housing market and helped accelerate as we went into the crisis and contributed to a system where a large financial institutions once thought too big to fail all of a sudden were too interconnected to fail. the swaps which are so important helping manage and lower risks for tho

german schapiro. >> thank you for inviting me to test a lot -- to testify. following the worst crisis since the depression, congress passed legislation that is reshaping regulatory landscapes, reducing risk, and helping to restore confidence in the system. the ftc was given new responsibilities, and in past years we have made significant cross -- progress. we have proposed or adopted rules for about 70 of the mandatory provisions that were assigned to us. in my prior testimony, i outlined in my prior testimony i outlined efforts to establish a process to not only get the rules done but get them done right. we created internal cross disciplinary working groups to coordinate the rulemaking process and facilitate our actions. we increased transparency and

chairman schapiro? >> i just want to express my support for the final rule that we're considering today and my appreciate for staff and the various agencies that worked on it. we all recognize the importance of having a reason and sound approach or disney systemically important institutions, that will ultimately be subject to supervision and regulation. and we at the sec are very committed to working with our colleagues antigovernment title viii in a manner that will strengthen and protect the nation's financial system. a sound payment clearing and settlement system is critical to the health and well being of our financial markets. i believe these procedures are designating financial markets released as systemically important represents a major step forward in fulfilling the objectives of the law. the two-stage review process established by the final rule will allow the council to consider both quantitative and qualitative factors for judging all financial market utilities under consideration for design

german schapiro. >> thank you for inviting me to test a lot -- to testify. following the worst crisis since the depression, congress passed legislation that is reshaping regulatory landscapes, reducing risk, and helping to restore confidence in the system. the ftc was given new responsibilities, and in past years we have made significant cross -- progress. we have proposed or adopted rules for about 70 of the mandatory provisions that were assigned to us. in my prior testimony, i outlined efforts to establish a process to help us get the rules done right. among our efforts we created internal working groups to coordinate the process and facilitate actions. we increase transparency and sought input from the public. we forged collaborative relationships with other federal and state regulators. we engaged in substantial outreach efforts and group ipated in c meetings, including investors, academics, industry participants, and reviewed thousands of public comments. all these efforts are helping uswrite rules that protect the financial system without imposing und

german schapiro. >> thank you for inviting me to test a lot -- to testify. following the worst crisis since the depression, congress passed legislation that is reshaping regulatory landscapes, reducing risk, and helping to restore confidence in the system. the ftc was given new responsibilities, and in past years we have made significant cross -- progress. we have proposed or adopted rules for about 70 of the mandatory provisions that were assigned to us. in my prior testimony, i outlined efforts to establish a process to help us get the rules done right. among our efforts we created internal working groups to coordinate the process and facilitate actions. we increase transparency and sought input from the public. we forged collaborative relationships with other federal and state regulators. we engaged in substantial outreach efforts and group ipated in c meetings, including investors, academics, industry participants, and reviewed thousands of public comments. all these efforts are helping uswrite rules that protect the financial system without imposing und

german schapiro. >> thank you for inviting me to test a lot -- to testify. following the worst crisis since the depression, congress passed legislation that is reshaping regulatory landscapes, reducing risk, and helping to restore confidence in the system. the ftc was given new responsibilities, and in past years we have made significant cross -- progress. we have proposed or adopted rules for about 70 of the mandatory provisions that were assigned to us. in my prior testimony, i outlined efforts to establish a process to help us get the rules done right. among our efforts we created internal working groups to coordinate the process and facilitate actions. we increase transparency and sought input from the public. we forged collaborative relationships with other federal and state regulators. we engaged in substantial outreach efforts and group ipated in c meetings, including investors, academics, industry participants, and reviewed thousands of public comments. all these efforts are helping uswrite rules that protect the financial system without imposing und

german schapiro. >> thank you for inviting me to test a lot -- to testify. following the worst crisis since the depression, congress passed legislation that is reshaping regulatory landscapes, reducing risk, and helping to restore confidence in the system. the ftc was given new responsibilities, and in past years we have made significant cross -- progress. we have proposed or adopted rules for about 70 of the mandatory provisions that were assigned to us. in my prior testimony, i outlined efforts to establish a process to help us get the rules done right. among our efforts we created internal working groups to coordinate the process and facilitate actions. we increase transparency and sought input from the public. we forged collaborative relationships with other federal and state regulators. we engaged in substantial outreach efforts and group ipated in c meetings, including investors, academics, industry participants, and reviewed thousands of public comments. all these efforts are helping uswrite rules that protect the financial system without imposing und

the head of the security and exchange commission mary's secure -- mary schapiro and another will also testify. live coverage begins at 10:00 eastern on c-span3. and later in the day, also on c- span3, a senate panel examines medicare prescription drug prices and ways to reduce those costs. live coverage of the senate special committee on aging gets under way at 2:00 p.m. eastern. >> you are watching c-span, bringing you politics and public affairs. every morning, it is "washington journal," our live call-in program, connecting you with people. live coverage of the house, and weeknights, policy forums. also, supreme court. on the weekends, you can see our signature programs. on saturday, "the communicator's," and on sunday, "q&a" and "prime minister's questions." you can also find this at c- span.org, and it is all searchable. c-span, washington your way, a public service created by american cable companies. c-span radio is airing historic oral arguments on an equal protection cases this saturday, a 1994 case of discrimination and jury selection based on gender. >> the fact that this p