On the recordOctober 30, 2013
I thank the gentleman for yielding. Mr. Speaker, let me just simply say, as chairman of the Appropriations Subcommittee on Financial Services and General Government, my subcommittee has oversight over the SEC and is charged with funding the SEC; and their budget has increased about 200 percent over the last 10 years. That is more than most agencies. That is a lot of money, and a lot of that is caused by all of the rules and regulations that they are asked to pass over and over again. Dodd-Frank is part of that problem. I think this bill seeks to alleviate that problem by saying, look, we can protect investors. We can have orderly and fair capital markets; but we don't need to go overboard on regulation. Certainly derivatives are complicated financial instruments. They need regulation. But that is what this bill provides. And I would say that the great overwhelming majority are not responsible for the financial crisis. If we pass this legislation, we can help save those people that use these instruments. We can also help the SEC not have to draft so many unnecessary rules and regulations, and that will save taxpayers as well.
