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American Clean Energy and Security Act of 2009

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Location: Washington, DC


AMERICAN CLEAN ENERGY AND SECURITY ACT OF 2009 -- (House of Representatives - June 26, 2009)

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Mr. FRANK of Massachusetts. And I want to say that the gentleman from New York has been a very articulate advocate for the very important functions of the financial community in New York in which many of the people in his district live, and he is very well informed about it. We agree with him, myself and members of the Financial Services Committee and the Agriculture Committee. Chairman Peterson, the gentleman from Minnesota, and I have worked with the gentleman from Massachusetts (Mr. Markey) and the gentleman from California (Mr. Waxman). And we have the agreement he alluded to.

We are hard at work on a comprehensive, and I believe responsible, proposal for regulation of financial derivatives in their entirety. And it will, under the terms of this bill, become the operative word. So what we have here is a placeholder to tell Members we are aware of it.

Earlier today, Chairman Gensler of the CFTC and Chairwoman Shapiro, in case we didn't have enough chair people in this, met with Mr. Peterson and myself. I am optimistic that we will have a proposal that responsibly, appropriately and toughly regulates derivatives without doing them harm. The gentleman is to be congratulated for making sure that that will be what will be in the bill.

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