Political Quotes

“I would like to read a statement from Ms. Sheila Bair who formerly chaired the FDIC. She said: Derivatives have many legitimate functions, but they can be high risk and poorly understood because of their complexity by bank managers and even regulators, as we saw with the ``London Whale'' debacle. So keeping them outside of insured banks and making the market fund them is the way to go. This will increase market discipline and protect the FDIC. She said: I'm concerned that Members of Congress act on these issues without full understanding of the ramifications. If we are going to revisit derivatives regulation, I'd go in the direction of more market discipline and disclosure, rather than letting big derivatives dealers use insured deposits to support their high-risk operations. The Executive Office of the President sent over a statement that includes these words: Wall Street Reform represents the most comprehensive set of reforms to the financial system since the Great Depression, and its derivatives provisions constitute an important part of the reforms being put in place to strengthen the Nation's financial system by improving transparency and reducing risks for market participants. Again, let me refer you to Representative Hensarling who said: Certainly, we have to do a better job ring-fencing, fire- walling--whatever metaphor you want to use--between an insured depository institution and a noninsured investment bank. I ask for a ``no'' vote on this bill.”