SPEAKER INDEX CONTENTS INSERTS DOOLEY 43 44 ETHERIDGE 38 40 EVERETT 35 36 37 EWING 8 14 17 22 24 27 28 29 30 31 34 35 37 40 43 45 48 50 54 55 56 57 58 KEITH WILLIAMS 4 LANCE KOTSCHWAR 4 MORAN 45 46 47 48 NAZARETH 24 28 29 30 33 35 37 40 44 47 53 54 55 56 57 58 PARKINSON 22 39 49 52 57 58 PAUL 15 30 31 32 33 35 38 41 42 43 44 46 47 51 54 55 56 57 POMEROY 31 32 33 34 35 R 4 SACHS 18 39 48 52 53 56 57 SMITH 40 41 42 43 STENHOLM 27 31 STEPHEN HATERIUS 4 THUNE 50 52 53 WALDEN 49 WILLIAM E. O'CONNER, J 4 CONTENTS SPEAKERS INSERTS OPENING STATEMENT OF HON. THOMAS W. EWING, A REPRESENTATIVE IN CONGRESS FROM THE STATE OF ILLINOIS PAGE 8 STATEMENT OF C. ROBERT PAUL, GENERAL COUNSEL, COMMODITY FUTURES TRADING COMMISSION PAGE 15 STATEMENT OF LEWIS A. SACHS, ASSISTANT SECRETARY, FINANCIAL MARKETS, U.S. DEPARTMENT OF THE TREASURY PAGE 18 STATEMENT OF PATRICK M. PARKINSON, ASSOCIATE DIRECTOR, DIVISION OF RESEARCH AND STATISTICS, BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM PAGE 22 STATEMENT OF ANNETTE L. NAZARETH, DIRECTOR, DIVISION OF MARKET REGULATION, U.S. SECURITIES AND EXCHANGE COMMISSION PAGE 24 OPENING STATEMENT OF HON. CHARLES W. STENHOLM, A REPRESENTATIVE IN CONGRESS FROM THE STATE OF TEXAS PAGE 27 INSERTS SPEAKERS CONTENTS NO INSERTS IN THIS HEARING