Political Quotes

“Madam President, as the leader has indicated, I will withdraw this amendment at the conclusion of this colloquy, but I want to make sure my colleagues understand what the amendment does. This 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 beneficial, adhere to congressional intent, provide end users with a clear exemption from margin requirements, and set clear bounds on the overseas application of derivatives requirements. While there is not yet a bipartisan agreement to go forward with this amendment at this time, there is a bipartisan list of issues that regulators need to address. They need to protect end users from burdensome margin requirements. Margin requirements proposed by regulators currently ignore the clear intent of Congress not to impose them on end users. They need to limit the extraterritorial application of title VII per congressional intent in sections 722 and 764. This is also being addressed in the House of Representatives. They need to encourage greater coordination and harmonization between the SEC, the CFTC, and international regulators to seek broad harmonization of cross-border issues, and they need to ensure that the new rules are subject to robust and quantitative assessment of the costs and benefits.…”