William M. Thomas: “What scared me was the first regulation coming out of Dodd-Frank was on the rating agencies, and they said they wouldn't…”

I believe we have taken an important step towards improving our election process.

I appreciate the responses of the chairman. Mr. Chairman, so although we do honor the memory of ``Tip'' O'Neill in 1994, it will be done in a frugal way, which I think is entirely appropriate with the politics of the '90s.

Yes, more than several years ago I testified. I just said, perhaps the gentleman was not on the floor at the time, but I said it became apparent to us when we examined the final iteration of the maps.

These reforms may not make headlines, but they are the most significant legislative changes in the operation of the FEC we have seen in 20 years.