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Swap Jurisdiction Certainty Act

Floor Speech

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Date:
Location: Washington, DC

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Mr. CRENSHAW. Mr. Speaker, I thank the gentleman for yielding.

This seems to be one of the most straightforward, commonsense pieces of legislation that I have seen in a long time.

As chairman of the subcommittee on Appropriations that overseas the budget of the SEC, we have hearings from time to time to make sure that the SEC is doing their job--that is to protect investors, to make sure that capital markets are fair and stable. Here we have a situation where a certain amount of instability has been created because you have two different agencies that are writing different rules about what's called the over-the-counter commodities market. That's a global market, and it is very important to an awful lot of people. It seems to me that if we're going to have that kind of regulation, you would think that the SEC would coordinate with the other agency, the Commodity Futures Trading Commission, and they would publish one rule that people can understand and live by. But that's not the case.

You don't have the similarities that you need; you don't have them mirroring each other. All this bill does is simply say: Look, if we're going to ask for this kind of regulation, let's make sure that these two agencies publish the same rule. Otherwise you've got all kinds of uncertainty, all kinds of turmoil. If you're a regulated individual or entity or company, how do you know what to comply with unless this happens?

Now, I don't want to have to put language in the appropriations bill that kind of encourages folks to do that. It's simple, just pass this bill. It sounds to me like we're going to. It's a bipartisan bill, and I encourage everyone to vote ``yes'' and move on.

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