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Public Statements

Swap Jurisdiction Certainty Act

Floor Speech

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Location: Washington, DC

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Mr. MURPHY of Florida. I thank the gentleman from Georgia for yielding.

I rise in support of H.R. 1256.

Title VII of Dodd-Frank contains important structural reforms to the derivatives market so that complicated, unregulated financial instruments can never bring our economy to its knees again. However, no law is perfect, and we should look for ways to improve Wall Street Reform to keep unintended consequences from trickling down to Main Street.

The bill before us would put SEC and CFTC on the same page, giving American businesses the ability to compete with foreign companies on a level playing field. This will not destabilize the global financial system because the bill demands a broadly equivalent swaps regime as Title VII.

The global derivatives market deserves smart regulations, not duplicative or conflicting requirements. I urge my colleagues to support this commonsense, technical adjustment.

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