Political Quotes

“I thank the gentleman from Minnesota for yielding. Mr. Chairman, I rise in opposition to our H.R. 4413 legislation that would reauthorize the Commodity Futures Trading Commission. This measure addresses an important goal for this Congress: reauthorization of the CFTC, our regulator whose mission it is to ensure fair rules of the road for the majority of derivatives traded by U.S. firms. I know that Representative Peterson and Representative Scott, the ranking members of the committee and subcommittee respectively, have worked in good faith to improve this legislation and that they care deeply about making the CFTC work for farmers, manufacturers, and other businesses that use futures and derivatives. I thank them for their efforts. However, I am concerned about provisions in the bill unrelated to the reauthorization of the Commission that I believe would undermine the CFTC's authority and hamstring its ability to regulate a complex and important marketplace. Mr. Chairman, this legislation imposes heavy administrative burdens that will prevent, delay, or weaken CFTC's efforts to implement important reforms called for by the Dodd-Frank Wall Street Reform and Consumer Protection Act. H.R. 4413 would also make it much more difficult for the CFTC and the SEC to regulate derivatives transactions involving foreign operations of U.S. banks.…”