William Tauzin: “let me first acknowledge, as did the ranking minority member of the Committee on Commerce, our extraordinary…”

“let me first acknowledge, as did the ranking minority member of the Committee on Commerce, our extraordinary disappointment in the jurisdictional transfer from the Committee on Commerce to this new Committee on Financial Services. It is important, as the chairman has said, to know, however, that memorandums of understanding regarding that transfer are now being negotiated so that there is clarity in the transfer. Like the gentleman from Delaware (Mr. Castle), we too had similar questions about the meaning of the jurisdictional changes; and I would first ask my friend, the chairman of the Committee on Rules, the gentleman from California (Mr. Dreier), a simple question. The rules changes being considered today will clearly transfer jurisdiction over securities and exchanges from the Committee on Commerce to the new Committee on Financial Services, and the Committee on Financial Services will also be accorded insurance, generally. But there is not any intent on the part of the Committee on Rules to transfer or otherwise affect the jurisdiction of the Committee on Commerce; is that correct?”