Political Quotes

“This is the final amendment to the bill which will not kill the bill or send it back to committee. If adopted, the bill will immediately proceed to final passage, as amended. The underlying bill would exempt almost every private equity fund from registration and reporting requirements under Dodd-Frank. It is another attempt by House Republicans to turn back the clock on progress that we have made to make sure Wall Street is helping Main Street. This bill, despite being titled the Small Business Capital Access and Job Preservation Act, has nothing to do with small business or creating jobs, and everything to do with chipping away at the safeguards put in place when Congress passed financial sector reform. Wall Street reform has made the financial system more transparent, reduced risk, and protected against systemic failure. Private equity fund advisers have been filing reports with the SEC for over a year now. We shouldn't be trying to gut the system of accountability and oversight, we should be building it up. We should be working together to make the reforms work and make them stronger. H.R. 1105 would roll back the progress by providing blanket registration and reporting exemptions, seriously hampering oversight. The motion to recommit I am offering would amend the underlying bill so that investment funds are only eligible if they do not own a controlling interest in companies that outsource American jobs to other countries.…”