Political Quotes

“My amendment also addresses title VII of the bill, which relates to the Commodity Futures Trading Commission. The CFTC is the cop on the beat that we tasked to regulate much of the derivatives market under the Wall Street Reform Act. And the CFTC is the agency that cracked down on Barclays when they manipulated a key interest rate benchmark, the Libor, in order to benefit their derivatives trade. This bill also imposes new cost-benefit requirements on the CFTC. While the requirements on this agency aren't as onerous as the ones imposed on the SEC, I think it is inappropriate to spread the CFTC any thinner when Republicans have proposed to cut the CFTC's funding by 12 percent relative to last year and 40 percent relative to what the Senate provided. As CFTC Chairman Gary Gensler said last month, the result of proposed House funding cuts ``is to effectively put the interests of Wall Street ahead of those of the American public by significantly underfunding the agency Congress tasked to oversee derivatives--the same complex financial instruments that helped contribute to the most significant economic downturn since the Great Depression.'' Finally, I disagree with the claim that more cost-benefit analyses can solve every regulatory question we face.…”