Political Quotes

“Madam Chair, this amendment is actually just to piggyback on the previous one that we just adopted by voice vote. It's just a little bit more specific. And honestly, had I known the gentleman was going to offer the other amendment, I might have worked with him a little bit more to make it more specific. In some levels it's redundant, but this particular one is more specific as to what the issue is. It's actually the specific issue that Mr. Schweikert pointed out, which is the definition of the beneficial owner. {time} 1040 Right now, when Facebook went public, they allowed one or two or three or a handful of investors to be counted as one. Broker-dealers can hold investments on behalf of thousands, an unlimited number of people. The concept of having 2,000 or 1,000, I respect the gentleman's comments previously that there is no magic number--2,000 sounds fine, 1,000 was fine. That's all well and good, and there is no magic answer to that number. I think the compromise that was reached was pretty reasonable. At the same time, what it doesn't address, which is exactly what the gentleman said earlier, is that each one of these 2,000 people in theory and in reality often do hold the beneficial interest of tens of thousands of people. I'm not talking about mutual funds. But these are the people that have the authority to direct the broker-dealer to act on their behalf.…”