Political Quotes

“Madam Chair, I yield myself such time as I may consume. Madam Chair, my amendment stops the Securities and Exchange Commission from pursuing an agenda on climate change and keeps its focus, instead, on its core mission of protecting investors. In recent years, we've seen the Madoff and Stanford Ponzi schemes bilk people out of over $70 billion. Many of these victims live in our districts. They are shocked and outraged that such a travesty could happen. One would think that after such embarrassments, the SEC would do whatever it could to focus its finite resources on stopping the next Ponzi scheme. At the very minimum, it would make sense for the SEC to appear to get serious in safeguarding the public from fraud and corruption. However, early in 2010, the SEC issued an interpretative guidance for companies to disclose the impact global climate change might have on their businesses. The SEC published this controversial guidance over the objections of dissenting commissioners. This was done without direction from Congress and outside the traditional rulemaking process. There are no laws in the United States explicitly addressing climate change. The guidance is inappropriate considering the SEC has bigger priorities. I don't have to tell my colleagues that climate change is a controversial and an unresolved issue. From a securities perspective especially, climate change information on a disclosure is highly speculative, and dubious at best.…”