Political Quotes

“I rise today to commend and thank Senators Dodd and Shelby for their extraordinary leadership and tenacity in shepherding this complex bill through the arduous floor consideration process over the past several weeks, and for their years of work to reach this point. Their task has not been an easy one. The amendment process was delicate at times, but certainly collegial and fair. The fruits of our labor are an improved product emerging from the Senate, albeit not a perfect one. Invariably, in a bill of this scope and significance, some matters were not fully addressed or resolved to everyone's satisfaction. I am disappointed that we did not consider an important bipartisan amendment submitted by Senators Inouye and Cochran relating to the funding of the Securities and Exchange Commission. Section 991 of the bill would permit the Securities and Exchange Commission to be 'self-funded,' thus removing a critical oversight role for the Appropriations Committee. The Inouye-Cochran amendment would have stricken this section. Retention of the language in the bill is objectionable for a host of reasons. Section 991 removes the role of Congress in dictating how potentially limitless funds, up to whatever level is generated in fees under a budget that would be set by the SEC itself, are to be spent. It would make the agency potentially less, rather than more, responsive to congressional priorities. Spending would go unmonitored.”