Political Quotes

Scott Fitzgerald: “If someone is operating a corrupt exchange and there is no price discovery and no regulation, isn't it true that a…”

On the recordJune 10, 2003
If someone is operating a corrupt exchange and there is no price discovery and no regulation, isn't it true that a customer could call into that exchange and say, I want to trade oil at $30 a barrel, and the broker could tell them he could get some oil at $35 a barrel and just require the customer to pay more than that customer really should have had to pay because the market wasn't that high, there is no way for the customer to know what the real market price is? The broker could make up a price and then keep the difference for himself or for the exchange. Isn't that correct, if there is no price discovery?
Said by
Scott Fitzgerald
Republican · Wisconsin
Source
govinfo.gov

Editor's note · Context

Discussing the implications of unregulated exchanges on market pricing.

Share

Share on XShare on FacebookEmail this quote

More from Scott Fitzgerald

Feb 13, 2024

Two weeks ago, I was proud to introduce the Combating Money Laundering in Cybercrime Act.

congress.gov
Apr 9, 2025

Many people will face declined payments, higher minimum balance requirements or, worse, be pushed toward riskier unregulated products. This resolution will repeal the CFPB's rule and protect consumers' access to financial products. I urge…

govinfo.gov
Nov 8, 2023

I have an amendment at the desk. The Acting CHAIR. The Clerk will designate the amendment. The text of the amendment is as follows: At the end of the bill (before the short title), insert the following: Sec. 902. None of the funds made…

govinfo.gov
Nov 8, 2023

I simply move an ``aye'' vote, and I yield back the balance of my time.

govinfo.gov
View all Scott Fitzgerald quotes

Other voices in this conversation