Blake Moore: “I thank the madam ranking member for this opportunity to speak on H.R. 1847. I also want to thank all of my cosponsors…”

“I thank the madam ranking member for this opportunity to speak on H.R. 1847. I also want to thank all of my cosponsors on this legislation: Representative Huizenga, Representative Crawford, and Representative Sean Patrick Maloney. Mr. Speaker, the House Financial Services and Agriculture Committees passed this legislation with bipartisan support and without controversy in 2013, 2014, and 2015. This bill has passed the House several times with overwhelming margins, and it is supported by the SEC. At the Bipartisan Policy Center's 5-year look-back at Dodd-Frank just last week, the question was put to former Commodity Futures Trading Commissioner Jill Sommers: What is yet to be done in Dodd-Frank that needs to be done? Her answer: fixing the indemnification provision. Here we are today, and we have an opportunity to do this with that bill. Let me try to make this really simple. A major objective of the Dodd-Frank Act was to improve transparency and to eliminate systemic risk mitigation in global derivatives markets. This bill is a technical fix to ensure that the goal of swaps transparency is realized. In fact, Dodd-Frank requires post-trade reporting to swap data repositories. During the crisis, these SDRs did not exist. As a matter of fact, to quote Warren Buffett when he described the situation we were in, he said: Only when the tide goes out do you discover who has been swimming naked. This is a really important feature in Dodd-Frank.…”