Political Quotes

“I thank the gentleman from New Jersey for his leadership of the Subcommittee on Capital Markets and Government Sponsored Enterprises. I appreciate greatly the kind comments, sponsorship, and good work of my friend, the gentleman from Delaware (Mr. Carney). Mr. Speaker, today I rise in support of H.R. 5019, the FAIR Act, Fair Access to Investment Research Act. This bill is similar to a bill that I introduced with Mr. Carney that passed the House as a part of H.R. 1675 and passed our committee by a strong bipartisan vote. {time} 1515 As my friend from Delaware said, we have worked diligently to improve this legislation and we have worked carefully with our colleagues in the minority to make sure that this bill fully represents the bipartisan consensus on the intent of the FAIR Act. This bill is very simple: it allows broker-dealers involved in a distribution to issue research reports on the rapidly growing medium of the exchange-traded funds, or the ETF, market. Since I started my most recent investment firm in the late 1990s, I have personally seen the ETF market grow from about 100 funds and $100 billion in assets to over 1,400 funds and nearly $2 trillion in assets. And some reports predict an additional $1 trillion might shift into ETFs should the Department of Labor's recent fiduciary rule actually go into effect. Further, today's ETFs frequently are more complicated and require more analysis on the part of investors.…”