Senate Proceeding on Jul 16th, 2008 :: 5:29:41 to 5:31:20
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5:20:56 to 5:29:41( Edit History Discussion )
Speech By: Harry Reid

5:29:24 to 5:29:41( Edit History Discussion )

Harry Reid: him what is the size of the market?| there is one exchange which is regulated by his comismission and there is another known as ice based in london which is coming under regulation but there is a

5:29:41 to 5:29:53( Edit History Discussion )

Richard Durbin: whole world of trading outdi there involving futures trading with swaps, over the counter and the like, and the acting chairman said "i don't know the size of the market." when americans express their

5:29:41 to 5:31:20( Edit History Discussion )
Speech By: Richard Durbin

5:29:53 to 5:30:08( Edit History Discussion )

Richard Durbin: concerns about speculation and its impact on oil and ask whether our government is doing its job to make sur there's no manipulation of the future price of oil, that there's not excessive speculation,

5:30:08 to 5:30:19( Edit History Discussion )

Richard Durbin: the honest answer, from mr. luken is, and i believe it is honest, that he doesn't know. this legislation we are presenting will call for more disclosure, more oversight, and more reportingmo of these

5:30:19 to 5:30:32( Edit History Discussion )

Richard Durbin: marks so we will is -- of these marks so we will have information and be able to look closely at the trades. i ask the senator from nevada, as part of this legislation, is it not a fact we are going

5:30:32 to 5:30:45( Edit History Discussion )

Richard Durbin: to dramatically increase the number of people working at w this commission -- 100 new full-time employees and new computer capabilities so that they can keep up with the dramatic increase in trading which

5:30:45 to 5:31:02( Edit History Discussion )

Richard Durbin: is taking place and will have people to deal with the new information that's collected? mr. reid: i say to my friend if you had to put a mark on this legislation, what does it do more than anything else?

5:31:02 to 5:31:20( Edit History Discussion )

Richard Durbin: i would say, transparency. it will allow the entity we depend on to allow us to know what's going on with trading of futures, to have more information and more -- i'm sorry, more manpower, to get

5:31:20 to 5:31:35( Edit History Discussion )

Harry Reid: more information for the american people. so i say to my friend from illinois, it is important we have transparency. that's what we're talking about. that's why i mention senator gramh and what