Political Quotes

“I am going to disagree with my friend from California. This bill is bipartisan and bicameral. It was negotiated with the Democratic Senate, and both sides approved it before it was ever submitted to the Rules Committee for consideration. It has been alleged that the swaps push-out language contained in the omni was snuck into the bill, that it allows for risky trading and puts taxpayer funds at risk. None of this, in my view, is true. The language included in this omnibus is identical to H.R. 992, which passed the House with broad bipartisan support by a vote of 292-122. The language was added to the Financial Services appropriations bill as a full committee amendment. After a public debate on the language, it was adopted by voice vote. When the Financial Services appropriations bill was considered by the full House for 3 days under an open rule, where 51 amendments were considered, there were no amendments offered on the swaps push-out language. The omni provides a commonsense fix for section 716 of the Dodd- Frank. Risky swaps like those that brought down AIG are still required to be pushed out. The omni allows low-risk trades to continue to be conducted by depository institutions, which are regulated by banking supervisors. Without this fix, farmers and manufacturers will experience increased costs and regulatory burdens without making our financial system any more stable.…”