Political Quotes

“I will take just a moment. Our colleague from Louisiana was on the floor a while ago referring to one of the nominees we will have coming up for a cloture vote in a moment to the Commodities Futures Trading Commission, which is so significant. I want to correct a few things in the record for my colleagues and first remind everyone that Ms. Bowen, who will be the nominee in front of us, was unanimously confirmed by the Senate to be a director of the Securities Investor Protection Corporation, where she has honorably served, after 25 years of representing clients in complex financial transactions as a partner of a major international firm. The issue that has been raised on the floor relates to a decision that was made unanimously by the board she chairs that relates to a particular case where there is no question that there were citizens who were ripped off in a Ponzi scheme, the Stanford Ponzi scheme, in fact. The question that came before this board that covers certain kinds of losses is whether what happened is something that could be covered under this particular entity, the Securities Investor Protection Corporation. Based on legal advice, outside counsel, and review, the board unanimously looked at this and said, unfortunately, due to law--which was written by Congress--this particular board could not cover the fraud victims in this particular case.…”