I also very much appreciate your convening this public meeting on the measures FSOC members are taking to safeguard the U.S. financial system during this unprecedented period of market volatility. 

In turbulent and uncertain times like this, it is important that market participants, as well as the general public, know we are on the job.  But it is critical that they also have a sense of what we are doing.  In that regard, I welcome this opportunity to highlight some of the steps the CFTC is taking in light of the coronavirus pandemic.  We have a tremendously dedicated staff who are rising to this moment.

First, we are actively monitoring derivatives markets and their participants.  We are in frequent contact with trading venues, and are checking regularly on the financial resources and operational status of key market participants and intermediaries.  But we are especially focused on the critical "pipes" at the clearinghouses through which trades are margined and settled.  I am pleased to report that market infrastructures continue to operate seamlessly.  Clearinghouses have issued—and brokers and dealers have met—margin calls occurring multiple times each day.  The value of investments may have dropped significantly, but the markets have not frozen as some did in 2008.