Political Quotes

“Madam Chair, this amendment would not only undo all of Dodd-Frank but all financial market regulations past, present, and future. I support the cost-benefit analyses mandates that are already contained in Federal securities laws and in President Obama's executive orders. This particular amendment, of course, is dilatory, and it would mean that rulemaking would take even longer as the SEC has struggled to meet the impossibly subjective economic cost-benefit standards to stave off upcoming court battles over competing economic impact projections. Not only that, Madam Chair, but the most dangerous part about this initiative is that this would open the door to the most powerful industry participants. If it were possible to make rules, they could challenge the rules in a way that achieved their most narrow interests, and it would be to the detriment of investors or to the less affluent market participants. In this way, the most powerful industry interests would not only be able to use the courts to undo consumer protections, but they would also seek competitive advantages over competitors. Current law already requires the SEC to conduct economic analyses, pursuant to the Paperwork Reduction Act, the Congressional Review Act, and the Regulatory Flexibility Act, as other agencies do. I urge my colleagues to oppose this amendment. Madam Chair, I reserve the balance of my time.”