Rep. Scott Garrett (R-NJ), Chairman of the Financial Services Subcommittee on Capital Markets and Government-Sponsored Enterprises, delivered the following opening statement today during a Financial Services Committee markup of H.R. 1573, which would delay implementation of Title VII of the Dodd-Frank Act:
"There's been a lot of huffing and puffing by some on the other side of the aisle that Republicans are recklessly dismantling Dodd-Frank.
"But a closer examination of the facts, particularly in the case of H.R. 1573, which this committee will be marking up today, reveals another story.
"The premise of this bill -- that the massive amount of rulemaking mandated by the derivatives title of Dodd-Frank is simply too much for regulators to handle responsibly within the aggressive timeline for finalizing rules -- almost everyone agrees with.
"Even Ranking Member Frank has indicated recently that regulators should not worry about meeting existing deadlines.
"The bill would not delay all Title 7 rulemaking. Rather, it would re-prioritize the provisions that again almost everyone agrees should be handled first.
"It would also require that regulators demonstrate they are engaging in real cost-benefit analysis before finalizing rules.
"Importantly, not one provision of the underlying bill is altered by HR 1573 -- it doesn't "dismantle' anything.
"Rather than let rulemaking go forward in a haphazard way, we set a date certain with a more reasonable timeline that also happens to match up with timelines agreed upon by the G20.
"Some Democrats are claiming we set that date for political purposes after the next Presidential election. I have two reactions to these claims: First, I'm a little surprised by Congressional Democrats' complete lack of confidence in President Obama's re-election prospects. Second, even if he loses, under our Democratic transition of power, he would still be President at the end of 2012.
"While the Democrat argument completely lacks merit, I will offer an amendment to move the deadline to September 30, 2012 to take their argument off the table and challenge my colleague to vote for this utterly reasonable bill.
"Republicans are attempting to be responsible -- attempting to preserve jobs here in America. If Title 7 rulemaking is rushed there is a very real possibility that a significant portion of our financial markets and the high paying jobs that come with them will move overseas.
"What do we get in response? Pure politics from the other side.
"The American people are demanding substance from their leaders -- it's time Democrats in Washington realize this, stop demagoguing, and step up to the plate."