Political Quotes

“Madam President, The amendment prohibits any funds from being used by the CFTC to promulgate any final rules under Title VII until the agency substantiates that those rules are economically beneficia1, adheres to congressional intent to provide end-users with a clear exemption from margin requirements, and sets clear bounds on the overseas application of the derivatives requirements. While there is not yet bipartisan agreement to go forward with this amendment at this time, there is a bipartisan list of issues that the regulators need to address: Protect end-users from burdensome margin requirements. Margin requirements proposed by regulators currently ignore the clear intent of Congress not to impose margin on end users. Limit the extraterritorial application of title VII per Congressional intent in Sections 722 and 764. In the House of Representatives bipartisan legislation was just introduced that sets clear bounds on overseas application of the derivatives requirements, while allowing regulators to stop systemically dangerous transactions intended to evade U.S. requirements. Encourage greater coordination and harmonization between the SEC, CFTC, and international regulators to seek broad harmonization of cross-border issues. Ensure new rules are subject to robust and quantitative assessment of costs and benefits. The regulators involved in the rulemaking process should understand that Congress is going to closely monitor how they proceed and we expect a change in course.…”