Wall Street Reform And Consumer Protection Act Of 2009

Floor Speech

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Mr. PRICE of Georgia. I thank my friend from New Jersey for his leadership on this issue and trying to bring focus to really the underlying nature of this bill, which is the underlying nature of this amendment as well, and that is that government knows best how to define what the market ought to look like and not the market. Madam Chair, as you well know, that's one of the things that got us into these significant problems in the first place.

I know that there is one group that supports this. There are all sorts of folks who don't support this, the people who know about the issue of trading in this area. The ABA Securities Association, one of the largest securities associations, opposes this amendment because they believe that it would significantly limit competition and undermine the ultimate goal that all of us ought to have, and that is to make certain that the market is, in fact, able to work for more individuals across this land. More choices, not fewer choices.

New York Stock Exchange, Euronext, Securities Industry and Financial Markets Association, on and on and on, folks who, in fact, oppose this amendment because they believe strongly that it will decrease the choices available to the American people.

Over-the-counter trades, hundreds of trillions of dollars literally in trades, will be markedly limited again, decreasing the ability of the American people to have the choices available to them.

What this amendment does, Madam Chair, is what really what the underlying bill does. It says government knows best, that we ought to limit the ability of creative thinking and jobs to be formed out there across this land, because government knows best. We are going to limit the choices available to the American people.

Vote ``no'' on the Lynch amendment.

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