Blake Moore: “My amendment is really rather straightforward. It preserves the ability of the Commodities Futures Trading Commission to…”

“My amendment is really rather straightforward. It preserves the ability of the Commodities Futures Trading Commission to regulate derivatives markets, while maintaining the reasonable cost- benefit provisions that are already in the law. Just to give you a little history, Mr. Chair, as we know, unregulated derivatives transactions precipitated the 2008 financial crisis, which this country is still struggling to recover. Section 203 is not something, as I have heard earlier in this debate, that will just make it more facile for manufacturers or for end users or farmers. It is a Trojan horse designed to deregulate derivatives markets by providing Wall Street favorable terms and means to sue to overturn laws and regulations, not on substance, not even on congressional intent, but by challenging economic studies in court. {time} 2030 Regulatory gaps in derivatives regulation will put taxpayers back on the hook for Wall Street excesses. Mr. Chairman, I will enter into the Record an analysis that I did. It was posted in The Huffington Post: ``GOP `Cost-Benefit' Bill Benefits Wall Street and Costs Americans.'' [From the Huffpost Politics, May 17, 2013] GOP `Cost-Benefit' Bill Benefits Wall Street and Costs Americans (By Rep. Gwen Moore) Republicans again have it all wrong on the substance and politics as they bring to the House floor the SEC Regulatory Accountability Act, or the so-called SEC ``cost-benefit'' bill.…”