On the recordOctober 30, 2013
I thank the chairman. Mr. Speaker, I rise today in support of H.R. 992, the Swaps Regulatory Improvement Act. Simply put, we do not want to make the consumer pay more. That is what will happen if we force banks to push out certain swaps into separate nonbank affiliates. Chairman Bernanke was right about section 716: it increases costs. Section 716 will also drive businesses overseas where foreign regulators have not passed similar rules for derivatives, taking with them American jobs and revenue. We must weigh the costs and benefits of every rule or regulation and ensure we do not destabilize markets or place American consumers, end- users, and financial institutions at a competitive disadvantage. With that, I encourage my colleagues to support H.R. 992.
