Political Quotes

“This is a protect retiree pensions and jobs by ensuring a well-functioning swaps market amendment. Mr. Chairman, I ask for your support today for my amendment which would do that--prevent unintended consequences from impacting literally millions of pension plan participants and the beneficiaries that follow. My amendment would simply require the CFTC to finalize important data-reporting rules before they implement new rules for certain swap transactions. See, with this change, it would be able to collect the transaction data that it needs to determine the reasonable standards for block trade levels and real-time reporting requirements without first disrupting the marketplace. You see, finalizing any numerical determination of block trade sizes or setting real-time reporting requirement timeframes prior to having necessary data, really, if you think about it, would be arbitrary, would encourage litigation, and will likely have the unintended consequences on those very same pension funds I talked about--their ability to protect their investors, as well as on the economic growth of our country and job creation. So, what this amendment would do is require swap data-reporting rules to be finalized and be in place before promulgating the final block trade rules or those real-time reporting criteria rules.…”