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Public Statements

Swap Jurisdiction Certainty Act

Floor Speech

By:
Date:
Location: Washington, DC

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Ms. MOORE. I thank the gentleman from Georgia.

I rise today to support H.R. 1256, the Swap Jurisdiction Certainty Act.

I proudly supported the Dodd-Frank Wall Street Reform Act because I believed that regulations of derivatives were desperately needed, and today I stand here to support what is a very modest change because I believe that the inability of the CFTC and the SEC to come together on a definition of ``U.S. persons'' is centrally important to effective cross-border rules and regulations and rules of the road.

Now, I did support the gentlelady from California's amendment for switching the presumption. Because of the closed rules, we were unable to take that up at this time, and I believe it would have improved the bill. However, although this amendment was not adopted, I believe that the regulators will continue to have the authority to regulate any overseas swaps transactions under U.S. rules if they conclude that it is appropriate.

I believe that without this bill we could find U.S. companies going outside not only the jurisdiction of the United States and our losing our competitiveness, but those swaps activities could migrate away from U.S. companies overseas to companies outside of the reach of U.S. regulators. So I would urge my colleagues to support this important legislation.

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