Political Quotes

“This amendment would severely starve the very regulator charged with overseeing the swaps, futures, and options markets of desperately needed information technology resources. The bill I brought before the House this afternoon would return information technology investments to just below the FY 2012 level, and this amendment would reduce IT by 33 percent. This amendment would only accomplish one objective, to grow the size of our government bureaucracy by hiring unneeded personnel to write more overreaching rules and regulations. Staff at the CFTC is already at a record high. The CFTC is preparing to regulate high-frequency trading. This amendment would ignore the reality of a regulator whose 82 percent of its employees make more than six-figure incomes, and staff enters by hand almost 20,000 paper forms per year. This is an exhaustive and costly exercise. This amendment would reward those misplaced resources. CFTC has seen a 166 percent increase in the amount of data it takes in. It takes in hundreds of millions of records per day and does not have the capability to store that data internally. The amendment ignores the advice of former CFTC chief economist, who was the recipient of the Chairman Gary Gensler's award for excellence in 2010, who stated: Financial regulation should recognize that automation and increasingly higher transaction speeds make it nearly impossible for humans to provide effective layers of risk management.…”