Political Quotes

“I thank the gentleman from Massachusetts for managing in my absence. Mr. Speaker, I am pleased to have the opportunity to come back to the floor to add a few comments. Prior to leaving, the chairman of this committee talked about this being a job creation bill. He wrapped this bill in jobs creation. And I must say that I don't think that the gentleman has much else he could say about why they are trying to exempt all of these private equity funds from registering with the SEC. Wrapping it in this notion of they are creating all of these jobs and we should all be very appreciative is one way to deflect attention from the fact that here we have private equity funds. $180 million from the smaller private equity funds have been exempted already. Those firms that have $180 million in those funds or less are already exempted. That was done in the Dodd-Frank legislation. Now they are coming back and they are saying exempt everybody. What is it you are trying to hide? Why is it you do not want these firms to register? Well, first of all, they are registered at this point. The SEC is given the oversight and the regulation that they need, and they are finding that it is very important for them to do so because they are finding that there are unlawful pay-to-play schemes, insider trading, conflicts of interest, and misappropriations of assets, et cetera. That is not to say that all private equity funds are doing these things, but weeding out the bad actors is extremely important.…”