Mike Conaway: “I want to thank my good friend, David Scott, who is ranking member on the committee that he and I lead, for the good…”

“I want to thank my good friend, David Scott, who is ranking member on the committee that he and I lead, for the good work on this bill, supporting it today, as well as the other work that we have done with respect to our committee. I also want to thank Richard Hudson and Sean Maloney for their work on bringing this together. A couple of points, and then I will close. One, the ``London Whale'' has been mentioned more than one time as a reason why we should not go forward with H.R. 992. That shows a fundamental misunderstanding of the trades associated with the ``London Whale.'' Those trades are on cleared exchanges and occur within the bank and would have been unaffected by section 716 had it, in fact, been implemented. One of the telling points is the prudential regulators on this particular section of the law have put off the actual implementation of this law until at least July of 2015. So if time is of the essence, if the disaster is around the corner, then I think the prudential regulators would have recognized that and would have moved a little more hastily than to put it off for 2 years. There is no bogeyman here, Mr. Speaker. This is good sense, bipartisan--we hope it will be bicameral--legislation that corrects a really unintended consequence--poorly drafting a bill in 2010, when Dodd-Frank was passed. It didn't intend to have these kind of consequences, and this simply addresses that. With that, Mr.…”