While I co-sponsored H.R. 4413 last Congress, I am unable to support this bill because the facts on the ground, particularly at the Commission, have changed. I don’t believe we need all these extra provisions; we just need a simple reauthorization.
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“Thank you Mr. Chairman. I want to thank the efforts of you and your staff on this bill and I hope that we can continue this collegial process even if we find ourselves on different sides.
“While I co-sponsored H.R. 4413 last Congress, I am unable to support this bill because the facts on the ground, particularly at the Commission, have changed. I don’t believe we need all these extra provisions; we just need a simple reauthorization.
“I am concerned that Title II’s requirements would actually make it more difficult for the Commission to function and only slow down the process of providing regulatory relief to market participants.
“I’m encouraged by Chairman Massad’s negotiations with foreign regulators to achieve a cross-border regulatory regime. Unfortunately, the cross border section in the bill presents the very real danger of cutting the Chairman off at the knees, by requiring rulemaking promising substituted compliance to foreign companies in the midst of these ongoing negotiations.
“Because of our work on Title Seven of Dodd-Frank, the derivatives markets as a whole are now much safer than they once were. The Commission, and the markets they regulate, need our support. Unfortunately I think that in some areas, the bill moves us in the wrong direction.
