Political Quotes

“Mr. Chair, I would like to thank the cosponsors of this amendment. I would like to thank the gentlewoman from Wisconsin for introducing the amendment and the cosponsors--Ms. Moore, Mr. Huizenga, Mr. Maloney--for joining me in efforts to help bring transparency to the global swap markets. While I may not agree with every position 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 global financial markets. I think everyone agrees that the lack of transparency into the over- the-counter derivatives market 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, so that regulators and market participants have access to real-time 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 includes a provision requiring a foreign regulator to indemnify a U.S.-based SDR for any expenses arising from litigation relating to a request for market data. Although well intentioned, the effect has been a reluctance of foreign regulators to comply, which threatens to fragment global data on swap markets and making it harder for regulators to see a complete picture of the marketplace.…”