Political Quotes

“I thank the gentleman for yielding. Mr. Chairman and Members, listening to my friend on the opposite side of the aisle you would think that the SEC has no additional responsibilities. As I quoted in my presentation: The world's capital markets have grown at an ever accelerating rate, and likewise, so have the SEC's responsibilities. Today, the SEC oversees 11,000 investment advisers, 10,000 mutual funds, 4,450 broker-dealers, the securities exchanges, clearing agencies, credit rating agencies, and other self-regulatory organizations. The SEC also reviews the disclosures of nearly 9,000 public companies. And, following the 2008 financial crisis, Congress increased SEC's responsibilities by requiring oversight of hedge funds, municipal advisors, and certain derivatives by passing Dodd-Frank. So, my friend on the opposite side of the aisle disregards all of this as if the SEC doesn't have these expanded responsibilities. They certainly do, and they should be paid for. Again, this does not increase any debt. This is paid for through the many companies that have to pay a small fee, and they will not allow those fees to be used to support the work of the SEC and the IT needs that they have. It does not make good sense.”