I rise in support of this amendment as well. I am grateful for the bipartisan cooperation and for getting a chance to find more transparency as well as how the Equal Access to Justice Act of 1980 is being implemented. Unfortunately, it…

Madam Chair, I move that the Committee do now rise. The motion was agreed to. Accordingly, the Committee rose; and the Speaker pro tempore (Mr. Posey) having assumed the chair, Ms. Hayworth, Acting Chair of the Committee of the Whole House…

we are going to spend $8.3 billion on something we are calling a demonstration, but it is very unlikely it is going to produce any results that will help us as a demonstration at all.

I thank Ms. Foxx, my colleague, for her kind introduction on that. All aspects of this bill, each part of it, has gone through the committee process. Multiple of them have had multiple hearings related to them. There has been plenty of…

So basically you are saying that the Secretary has broad authority, no one has done this ever before...

So how do we evaluate the effectiveness of this demonstration toward data they don't even know what they are directing toward?

But we are not evaluating criteria on change, because it is from previous data.

Currently we are evaluating, we have an $8.3 billion demonstration program that we are pouring the majority of the money into this year.

I think we have something going on like that in these markets.

I would like to see us go back and look at the CFMA in 2000.

The regulators are doing as best as they can given the tools that they have.

It is beyond unfortunate that for a second time in less than a year, this Committee is examining the circumstances of a futures commission merchant bankruptcy where customer funds were not properly segregated.

The bedrock of their trust in these markets is based on the fundamental protections provided by mandatory segregation of customer funds.

I appreciate your dedication to do that.

Not all of this is the Administration's problems because a lot of the problems we find are from earmarks that were written improperly.

We are putting pressure on these guys to make enough money to stay in business, and then this is what happens.

So, we should go back and look at what we did and get some people to give us some kind of a sense of what our culpability in this whole situation is.

I am not sure it is a wise use of the money.