Political Quotes

“Let me throw out one name--I guess it is actually, technically, two names: Dodd-Frank. My friends on the other side wrote a massively expansive bill that did turn over all of that authority to come up and promulgate rules out of whole cloth. What we are talking about here is a very key word: materiality. We are having this exact debate about the environmental, social, and governance issues, the ESG of the Securities and Exchange Commission, and the boundaries of those rules. This is the balance between making sure that the legislature and our constitutional powers do not contradict the powers that are given to those regulators. Yet, at the same time, we need to make sure that the regulators, based on case law, based on experience and the flexibility that they may need to go and do a law enforcement action, that they have those tools and that they are not pulled back from them. If the gentleman's sort of example was to hold true, then we would have to eliminate all corporate law and every single publicly traded company that incorporates in Delaware. Delaware's entire corporate structure is based on case law and what has gone on. It is widely accepted throughout the United States that it is solid and positive, and that is what we are trying to do here today. We are not trying to hand over more power to the bureaucrats.…”