the honorable mary schapiro is chairman of the u.s. securities and exchange commission. previously, she was ceo. she also served as commissioner of the sec from 1988-1994. and chairman of the commodity futures trading commission from 1994-1996. our honorable gary gensler is chairman of the committee futures trading commission. mr. gensler previously served in the treasury departm

i agree with what chairman schapiro said there is a lot of consultation and coordination. it's also in the context of the are some differences between the futures marketplace and the securities marketplace that either existed in statute or in rules, or just in market practice for decades. so we are trying to be as close as we can between swaps and security based swaps while also not create some regulatory arbitrage and undercut for instance, in our case a futures marketplace that's worked with a great deal of transparency and a low risk to the american public and not undercut that marketplace through some differences as well. and i suspect the same issues on your site. >> if i could just add it's critically important for us as well because securities based swaps can be the economic equivalent to equity position that we want to make sure we don't create what we are trying to be more and more synced up with the swaps markets between the security based swaps and swaps markets that we are not creating great distance between the security based swap arkansas to equity markets as

in the securities world, sharme schapiro can speak -- chairman schapiro can speak better, but we think it's about 10 times the securities world. we are going to get comment. the change will be made when we -- >> so the larger trade, it may be end of day? >> the larger trades that are on a swap execution facility, we propose 15 minutes. if it's a bilateral we do not propose a specific. we just ask a lot of questions. >> is it your vision -- a lot of people think that it is. i'll give you that editorial comment. do you think the derivatives markets and equity markets should be similar when you finish all of these activities? >> i think that markets work best when they're transparent, open and competitive. and those three core factors, whether it be futures or securities, i think ultimately and derivatives help end users, investors. i think it helps the economy grow. it does shift some of the information advantage to the tens of thousands of users away from the most sophisticated. >> so that's a yes? >> i think it's a yes. i think there are a lot of concerns because people view the two in

i noticed that he is not offering to share the sacrifice that has been imposed on busby schapiro and other members. he is not offering to have a two-year praise -- pay freeze or contribute more for his health care. so i think he should be more cautious about proposing that is a labor strategy. i think framing the messaging is kind of deeply flawed. bob, you are the health care expert, one of many in the room. do want to speak to the question of health care and why became this battleground? you are shaking your head. a row out -- made a by a rare outburst of china's. >> have a i have a question specifically about your book. i've not read it yet but i would like to and it has to do with, if you focus only on unions that were part of the afl-cio, by racist because the american federation of government employees is involved in a huge campaign right now to represent transportation safety officers and the tsa. and the national employees union has come and very laid to buy for that, those workers. and i want to know if your research spoke to that at all, specifically because it is one of th

it would inhibit their ability to according to chairman schapiro of being able to implement the requirements they need to do under dodd-frank. >> right and in your independent capacity is there offering to make sense to you? that is a threat in their ability to carry out their responsibilities? >> when you are a law enforcement agency and you have fewer resources, you have to make cuts. frankly you have to make cuts across the board. everything suffers so that will suffer and enforcement will suffer. >> the same thing with the financial consumer perfection board. dodd-frank calls for an independent watchdog. that would be independent. they are advocating for the interest of the larger financial institutions, it would be advocating for the interest of consumers. the cr provision, the continuing resolution provision would cut that budget by 40% 143 million to 80 million. so would you have the same response to that budgetary cut and its impact on being able to provide those protections? >> i would imagine so. i'm not familiar with the budget again, being fortunate enough to work with elizabeth