Jeb Hensarling: “Again, I urge opposition to this amendment which would absolutely eviscerate this bill that we are considering now from…”

“Again, I urge opposition to this amendment which would absolutely eviscerate this bill that we are considering now from the gentlelady from Missouri. Number one, we have speaker after speaker who come up and seem to ignore the fact that broker-dealers already are subject to a suitability standard, including antifraud provisions that prohibit misstatements, misleading omissions of material facts, and fraudulent and manipulative acts and practices in connection with the purchase and sale of securities. They have a duty of fair dealing, which include the duty to execute orders promptly, disclose certain material information that the customer would consider important as an investor, charge prices reasonably related to the prevailing market, and fully disclose any conflict of interest. I could go on and on. The proponents of this amendment, as speakers before them, seemed to ignore this set of facts. And so again, it is interesting to me how the American people are demanding that their Congress work on a bipartisan basis; and so out of our committee, the Financial Services Committee, we have gone above and beyond the call of duty, and now we have a bill that has been supported by half of the Democratic members of the Financial Services Committee. And I just read a letter where 10 Democratic U.S. Senators are urging the exact same language as the Wagner bill and, thus, oppose the Miller amendment. So, again, Mr.…”