Political Quotes

“H. Res. 391 provides a structured rule for consideration of H.R. 2374 and a closed rule for consideration of H.R. 992. However, I think it is important to note that H.R. 992 is a closed rule by default because the Rules Committee did not receive any amendments despite Members having ample time to submit them. So we made sure that, in the interest of time, we are going to move forward on this important legislation. Mr. Speaker, today's bills are technical in nature, but each carries very important policy implications designed to strengthen our Nation's financial services industry while simultaneously protecting consumers and providing more certainty for our economy. First, H.R. 992, the Swaps Regulatory Improvement Act, amends section 716 of the Dodd-Frank Act to provide banks and their customers the flexibility to effectively manage risk better. Today, many banks and bank customers, such as utility companies and agricultural co-ops, use swaps as an effective means to manage their businesses and to operate their cash flows in a safe and practical manner. Unfortunately, section 716 of the Dodd-Frank Act would require banks and their customers to shift these practices out of the traditional bank model and place them in newly created, capitalized, nonbank entities. Such a change to current business models would create unnecessary instability in domestic markets and potentially restrict access to these important financial instruments.…”