we recognize the magnitude and the interconnectedness to the derivatives martz so we look forward to continue to thoughtfully consider issues before proposing and adopting specific rules and working closely with our domestic counterparts and international regulators. the dodd-frank provides the fulfillment to maintain fair, orderly markets and ensure capital formation. as we proceed with implementation, we look forward to continuing to work closely with congress, all the regulators and members of the financial community and investor public. thank you for inviting us to share with you this and i look forward to answer your questions. >> thank you, chairman shapiro. 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