gensler previously served in the treasury departm

chairman gensler talked about the size of the market. the commission justified budget demands with the notion value of the contracts that oversee regulated futures market and the notional value of the slot market that will be responsible for under dodd frank but there is no valid relationship between the notional value and regulatory -- the swap market and cftc will regulate only four to 5,000 transactions per day. the parties are all

you agree with chairman gensler's assessment here? >> no, sir. i don't. as i've indicated in my testimony, we are manufacturing the goods that are consumed in the u.s. and we've been able to export successfully overseas, and we do that -- >> helps you can be, doesn't? >> yes, sir it does. and it helps us offset risks that we can't otherwise control. >> in the consequences i think you alluded to it earlier, what would be the consequences of imposing unnecessary regulatory burdens on companies like yourself, ability to hedge? a lot of these risks are tailored, are they not? >> yes, sir. one of the problems is, for instance, i talk about our ability to export. if as was questioned by the assistant secretary of the treasury, if the secretary of the treasury declares that foreign exchange transactions are swept up in this new mechanism, then it could force exporting companies like fmc to occur higher costs and one unfortunate way to lower those costs would be for us-based exporters to move their manufacturing facilities offshore to the countries where their cu

chairman gensler, you may proceed. >> thank you. i thank my fellow commissioners and all of the staff of the cftc for their hard work and commitment in implementing the dodd-frank act. i'm pleased to testify along with my fellow regulators, chairman shapiro and governor tarullo and i was announced by then president-elected obama 2 1/2 years ago. so we get to be together. and assistant secretary mary miller, who we've known each other now for 15 years so it's great to be here today. the crfings is working very closely with the s.e.c., the federal reserve and other regulators in the u.s. and overseas. we're coordinating and consulting with international regulators to harmonize oversight of the swaps markets. we received thousands of comments today before we made proposals and after we made proposals. at this point in the process, the cftc proposed rules in the dodd-frank act required us to do so, including proposing rules this morning on margin which, of course, as well the federal reserve and other credential regulators took off. con

. >> host: the latest cftc chairman of would abide obama administration, gary gensler, because of the dodd-frank act has gained widespread power, larger to regulate the derivatives market which is a $100 trillion market covering everything from credit default swaps to these crazy toxic assets that took down the financial system. what is your position there? do you feel like this is the place where that power should have gone? what's your take on how insular have done so far? >> guest: i think he's doing the best job he can but is not being given resources. he so we don't have the money. we're not given the money to do the job. and in addition, offstage there's been a lot of reports by my sources of him being bullied directly, and often in front of reporters by high ranking of the exchanges. as you know the cme group now owns the oil market that we're talking about. there's been a couple of major executives literally pinned him against the wall and pointed right in his chest, right in front of the press. i mean, i think the arrogance is so great that the bowling, people are regulate th

as i recall in the gensler report, somebody said we were 21 of 22 of the recommendations. correct me if i am wrong. they had been adopted or addressed. i am sure different degrees of success. what process do you use, or have you used in ensuring that progress continues to be made? i ask that because we in the commission are going to face exactly the same problem. i am going to ask that same question to the next panel. we need to follow up on whatever recommendations we have. i would welcome thoughts on that either of you have on what to do to ensure that our final report and previous reports do not, like so many, and up on the shelf -- end up on the shelf, gathering dust. >> this is something that i learned from the packard commission. but when i mentioned that to secretary -- to the secretary of the commission, he said he would do it. that is where your numbers come from. they did address each of them when we came back later to review it. i think you have to do something of that sort. >> i agree. >> i think the gentleman. -- i thank the gentleman. >> going back to the rep

how do we as a commission, you heard from jack gensler, you heard as a commission, maximize follow through on whatever recommendations, whatever findings that we may ultimately feel are worth sure pewing? stuart? >> first of all, dr. gansler's recommendation to get buy-in from the congress, implement in law recommendations that are targeted toward statutory change. when you draft your report i might include as appendices certain statutory amendments or laws that would implement specific recommendations. so help them do their job. give them, give them a road map to statutory change rather than just a principle to implement. second, i would take those proposed pieces of legislation, and perhaps before you even publish and, vet them with the departments. you know, sit down with leadership that are, familiar with the kinds of changes you're proposing and see if they can incrementally improve it through advice and interest. >> thank you. mr. blair. >> i actually tend to agree with what mr. bowen just said, that the idea of establishing some follow-on recommendations with responsibility for some