Political Quotes

“I supported the passage of the Dodd- Frank Wall Street Reform Act in 2010 to rein in Wall Street, end taxpayer bailouts of big banks, and protect consumers. Under this Act, the CFTC and the SEC were charged with regulating a number of previously unregulated or under-regulated Wall Street and financial service sector activities that led in large part to the 2008 crisis, including the $700 trillion derivatives market. While Congress has a responsibility to ensure that the reforms enacted under Dodd-Frank are clear and effective--and many may still require clarification from Congress--the bill under consideration today, H.R. 1526, is premature and potentially damaging. I therefore do not support this legislation. Regulators at the CFTC and the SEC continue to make progress on implementing important regulations of the derivatives market. Given this progress and the fact that this is an ongoing process, intervening and micromanaging the rulemaking process at this stage would only delay the positive benefits these changes will have for Americans. I also have concerns that this legislation sets a policy that would make it more difficult for regulators to ensure that U.S. derivatives transactions conducted overseas through foreign entities are subject to the new rules, potentially opening up a hole in the regulatory process.…”