Political Quotes

“Mr. President, I would like to engage Senator Lincoln, chairman of the Agriculture, Nutrition and Forestry Committee, in a colloquy. Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act, which Chairman Lincoln was the primary architect of, creates a new regulatory framework for the over-the-counter derivatives market. It will require a significant portion of derivatives trades to be cleared through a centralized clearinghouse and traded on an exchange, and it will also increase reporting and capital and margin requirements on significant players in the market. The new regulatory framework will help improve transparency and disclosure within the derivatives market for the benefit of all investors. Under the bill, the Commodity Futures Trading Commission, CFTC, and the Securities and Exchange Commission, SEC, are instructed to further define the terms ``major swap participant'' and ``major security-based swap participant.'' The definitions of major swap participant and major security-based swap participant included in the bill require the CFTC and the SEC to determine whether a person dealing in swaps maintains a ``substantial position'' in swaps, as well as whether such outstanding swaps create ``substantial counterparty exposure'' that could have ``serious adverse effects on the financial stability of the United States banking system or financial markets.'' The definition also encompasses ``financial entities'' that are highly leveraged relative to the a…”