Political Quotes

“I understand that the sponsor is a constitutional law professor. I direct the gentleman to 5 CFR 2638.305 and 5 CFR 2638.304, which read: The Chair of the SEC is required to receive in person annual ethics training as well as an initial ethics briefing. Additionally, Chairmen and Commissioners are required to file ethics agreement letters in which they agree to divest. The bottom line is that we don't need additional words in the Federal Register to do what is already being done. The sponsor of the amendment mentioned that cost-benefit analysis is not in the U.S. Constitution, but neither is the SEC. However, due process is in the Constitution, and what we are trying to get at is due process to make sure that we have--us, as a legislative body--properly involved and engaged in this and that we understand what the goals and objectives of the Securities and Exchange Commission are when it is issuing a rule and whether that rule is going to effect the change intended. What are those benefits? Is it going to benefit and protect the consumer? Again, I reiterate the three elements of the mission of the Securities and Exchange Commission: number one, to protect investors; number two, to maintain fair and orderly and efficient markets; and number three, to facilitate capital formation. Those are the stated goals and is the job of the Securities and Exchange Commission. I reserve the balance of my time.”