Political Quotes

“And to my colleagues I believe that this is an important asset or aspect of helping to have more information for our consumers. I reserve the balance of my time. Mr. Chair, I thank you for this opportunity to briefly explain my amendment. It is simple and makes a significant improvement to the bill. This bipartisan legislation to reauthorize and improve the operations of the Commodity Futures Trading Commission (CFTC), as well as address concerns relating to protecting customers from another failure such as MF Global and Peregrine Financial. It is the product of a multi-year process that included hearing 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 the dramatic failures of not just MF Global and Peregrine but several other venerated firms such as Bear Stearns. This amendment would also provide more insight as to how industry works. The language of the Jackson Lee amendment gives two years for the agency to complete the first one. That is more than enough time for the staff at the CFTC to comply with this amendment.…”