Mike Levin: “The language to which the Senator from Texas objects, about penalizing people for what they are going to do--that is…”

“The language to which the Senator from Texas objects, about penalizing people for what they are going to do--that is language which the good Senator from Texas, as chairman and ranking member of the Banking Committee, has overseen for years. That is the same language that currently exists in the SEC law. We are not adding anything new here. This is the SEC law, section 77(h)(1): Cease and desist proceeding, authority of the Commission. If the Commission finds after notice and opportunity for a hearing that any person is violating, has violated or is about to violate any provision-- That is existing law. The Senator from Texas has overseen that for all these years. He has done a brilliant job as chairman and ranking member of the Banking Committee, and we are just simply following the language that exists already in the SEC law and applying it to folks who are not now covered.”