Political Quotes

“I yield myself the balance of the time. In closing, allow me to quote one of the Financial Services Committee members in a hearing yesterday, because I think it is so important for us to understand that the SEC is our cop on the block that has the responsibility for protecting investors. Let us understand that my colleagues on the opposite side of the aisle are opposed to the SEC having an adequate budget. They do everything that they can to cut the budget, to deny the resources; but they keep adding on additional responsibilities, recognizing that the SEC has a tremendous load. Not only do they have all of the work, the cost-benefit analysis that they do on everything, but they have the responsibility of rulemaking for all of Dodd-Frank, which is the reform legislation that will cause us to eliminate risk and to protect our constituents and the citizens of this country. But let me just say that yesterday, during a Financial Services Committee hearing, Chairman Emeritus Spencer Bachus said that it would be penny-wise and pound foolish for there not to be a bipartisan agreement for raising the funding or increasing the funding for the SEC. And I think that's important to get out there. They need more resources; and while we have this bill that's costing them more money to simply implement what they would like to do in H.R. 1062, they oppose giving additional resources. In addition to that, let's talk about this court action.…”