Political Quotes

“My amendment does one very simple thing, which is to increase the funding for the Securities and Exchange Commission by $50 million, bringing the funding in this bill for the Securities and Exchange Commission to the level of funding for the SEC in 2016. I would point out, Mr. Chairman, that this level of funding is still significantly lower than the President's request of $1.78 billion. I would further point out, Mr. Chairman, that the work of the SEC, at its core, is about protecting investors who are essential to the functioning of our capital markets and to protecting the long-term sustainability of the U.S. financial system. Mr. Chairman, as I think this body knows, the Dodd-Frank Act--which I understand is controversial in this Chamber, but which has gone a very long way to avoiding the kind of meltdown that we had in 2008 and which destroyed $17 trillion in American asset value at its worst--as well as the JOBS Act, which attracted strong bipartisan support in this Chamber, those two bills required the SEC to write some 70 new regulations. And yet despite that requirement and all of the advocacy that we saw, particularly from my friends on the Republican side of the aisle for more alacrity in the writing of the rules for the JOBS Act, we are now seeing a real cut in the budget for the SEC. Just to give you a sense of what the SEC does, it is now responsible for overseeing some 26,000 market participants and over 9,000 public companies.…”