Political Quotes

“I thank the chairman very much. I thank the chairman and the ranking member of the committee and knowing how hard they have worked. I hope that this discussion today will emphasize a commitment to transparency and a commitment to consumers and a commitment to making the legislation responsive to consumers. So I thank you for the opportunity. This legislation is to reauthorize and improve the operations of the Commodity Futures Trading Commission as well as address concerns from customers from another failure such as the MF Global and Peregrine Financial. It is a product of a multiyear process that included hearings and perspectives from market participants, end users, futures customers, and the CFTC. The Jackson Lee amendment only seeks to improve this bill. If passed, it would require a study that will provide very basic information about firms regulated by the Commodity Futures Trading Commission. The amendment simply requires the CFTC to do a report examining the number of entities regulated by them, the entity's size, practice models, and assets under management. We must be quick to acknowledge that the dramatic failures of not just MF Global but several other venerated firms, such Bear Stearns, speak loudly to requiring more information for the consumer. This amendment would also provide more insight as to how the industry works. My amendment gives 2 years for the agency to complete the first study. That is a very long time.…”