Political Quotes

“I thank the distinguished chairman of the subcommittee, Mr. Scott, and I would like to thank the other cosponsors of this bill, Mr. Huizenga, Ms. Moore, and Mr. Maloney, for joining me in this bipartisan effort to help bring transparency to the global swap markets. I certainly appreciate the subcommittee chairman's support as well. While I might not agree with every provision in the Dodd-Frank law today, I believe we are working towards its bipartisan goal of giving regulators the tools they need to improve systemic risk mitigation in the global financial markets. I think everyone agrees that the lack of transparency and the over- the-counter derivatives markets escalated the financial crisis of 2008. In order to provide market transparency, the Dodd-Frank law requires posttrade reporting to swap data repositories, or SDRs as they are called, so that regulators and market participants have access to realtime market data that will help identify systemic risk in the financial system. So far, we have made great strides in reaching this goal, but, unfortunately, a provision in the law threatens to undermine our progress unless we fix it. Currently, Dodd-Frank requires a provision requiring a foreign regulator to indemnify a U.S.-based SDR from any expenses arising from litigation relating to a request from market data.…”