Political Quotes

“Let's be very practical about this. I think you have to put it in the context of what has happened. We passed the Dodd-Frank bill because of an incredible financial disaster in this country, and what we found out is that the regulators weren't regulating. We found out they couldn't regulate because they didn't even have regulations or any provisions about all of these derivatives swaps. They were inventing new things that weren't even in law. The Federal Commodity Futures Trading Commission is right at the heart of all these new instruments and all these derivatives swaps and so on. In fact, we learned from Director Gensler--who came before our committee and pointed out the massive amount of trading that goes on, $300 trillion dollars. We couldn't even figure out in the committee how to explain how many millions trillions were. It is so much, and it is scary. We have got to have people on the job to do this and the technology to do it. Now, just to make sure that people are carrying out the law, you have got to have people review that process. In fact, because the industry doesn't want to be regulated, they go to my colleagues on the other side of the aisle and say: cut this, don't give them the tools to implement it, don't allow them to be the referees they have to be by law. We approved, last year, $315 million, and we criticized that. The President came back for $280 million this year, and we have cut that.…”