Political Quotes

“Thank you, Ranking Member, for your leadership on efforts to strengthen the SEC and to beat back this legislation. As a member of the Financial Services Committee, I had the privilege yesterday of meeting the new SEC chairman, Mary Jo White. I was very impressed. I heard her describe her plans to take a tough, fair, and apolitical approach to regulating the financial sector. She wants to strengthen enforcement, she wants to oversee the markets through wise regulations that keep pace with technology, and she wants to complete the rulemaking progress for Dodd-Frank. We know how important each of those things is. She certainly has her work cut out for her, but it sounds like she knows just what the doctor ordered. Unfortunately, today's bill threatens to distract Chairman White from her efforts to protect investors and to protect our financial system from another crisis. Today's bill piles needless requirements and bureaucratic burdens on an agency that's already got too much to do and that is underfunded. A critical part of the SEC's mission is protecting investors. This bill protects banks from regulation. It does nothing for investors. In fact, it could hurt investors in the long term. Chairman White has already committed to issuing rules in a thoughtful way that incorporates rigorous economic analysis, and she told us that yesterday. The bill is also unnecessary. Regulating our financial sector and protecting American investors is a tall task as it is.…”