Political Quotes

“Mr. President, I rise today to urge my colleagues to reject the proposal by Senator Shelby and Senator Chambliss. It is well intentioned. It is designed, as other proposals are, to try to provide some appropriate regulation to a very complex and complicated area of financial transactions--derivatives. Like my colleagues, I have spent some time trying to understand this area. The only major point I can make is that in concept, derivatives are simple. It is a contract that derives its value from reference to another entity such as soybeans or mortgages. That is where the simplicity stops. These financial instruments are incredibly complicated, and they have been made more so by very sophisticated financial engineers on Wall Street. What we have recognized in the last several months is we have to take an appropriate step to regulate their sale in the United States and, frankly, influence the worldwide sale and use of derivatives. The Dodd-Lincoln proposal in this bill is, I think, not only a principled but an effective way to deal with the issue of the sale and use of derivatives. They start off with a premise which is fundamental: We need transparency in the marketplace. There was no transparency in the marketplace when it came to derivatives. Senator Levin held hearings which brought forth individuals from Wall Street, from Goldman Sachs.…”