Ann Wagner: “My friends on the other side of the aisle just refuse to face the fact that 3 years ago with the passage of Dodd- Frank…”

“My friends on the other side of the aisle just refuse to face the fact that 3 years ago with the passage of Dodd- Frank they created some of the most complex and confusing rules our economy has ever seen. It is by no means a coincidence that the difficulties faced by farmers and small businesses and families in obtaining credit today is a direct result of Dodd-Frank's chilling effect on our capital markets. The bill that we are considering today has nothing to do with cyber attacks. Although this is an important matter, this issue has nothing to do with cyber attacks. If it was so important, I'm wondering why it was not offered in either committee where we were fully debating this particular bill. {time} 1650 Our system is broken, absolutely broken, at the Federal regulatory level. The SEC and the CFTC have promulgated two completely different regulations to govern cross-border swap transactions. The delay and disorder on this issue end today. Mr. Speaker, disparate regulations governing the same behavior hinder the capital markets and hurt the economy. I am hopeful that a bipartisan vote on this legislation will send a strong signal to our regulators in Washington that finally, after 3 years, they need to come together for the good of economic growth and prosperity. I urge a ``no'' vote on the motion to recommit and a ``yes'' vote on H.R. 1256. I yield back the balance of my time. The SPEAKER pro tempore. Without objection, the previous question is ordered.…”