Political Quotes

“Just like my good friend from Arkansas said, any time I hear an arm of the Federal Government say it is going to protect the public, that means another fine, that means another tax, that means another regulatory commission controlled by bureaucrats. This proposal is misguided and rests on the false premise that delivering information to customers should be presumed harmful simply because it is consistent with the firm's interests. The new rules would also impose significant operational challenges and expensive burdens on broker-dealers and investment advisers that use virtually any technology to any degree, without citing any compelling authority or evidence of abuse or wrongdoing. It is abuse at its highest. It is vague at its highest. The scope of the new rule also presents challenges. As SEC Commissioner Hester Peirce observed, the proposed definition of covered technology could include technologies long used by broker-dealers and investment advisers, such as spreadsheets, commonly used software, math formulas, and statistical tools. Mr. Chair, I urge my colleagues to support my amendment, and I reserve the balance of my time.”