Political Quotes

“I appreciate the gentleman's concern about fraud in our financial system--it is a serious problem that impacts far too many Americans. However, his intent in offering this unnecessary and unworkable amendment seems to be to ensure this bill never takes effect. This amendment would provide State regulators and unelected bureaucrats with veto power over duly passed laws. That should concern everyone in this Chamber. Let's dig into this. First, the amendment is unnecessary. The Federal securities laws already include broad antifraud provisions that are designed to protect investors. The same provisions offer recourse against those who have engaged in security fraud. The Federal securities laws also include bad actor disqualifications that prevent fraudsters from benefiting from certain privileges offered under the securities laws. To be clear, nothing in the Expanding Access to Capital Act would modify, remove, or limit the securities laws' antifraud or bad actor provisions in any way, period. Second, the amendment is entirely unworkable. For example, the amendment broadly states the SEC must ``consult with State security regulators.'' All States? Certain States? If so, who decides which States? Can one State block the law from taking effect? Congress does not need approval from the executive branch agencies and State regulators to do its job. Let's be serious.…”