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Ms. SEWELL of Alabama. I rise today in support of H.R. 742, the Swap Data Repository and Clearing House Indemnification Correction Act.
H.R. 742 helps to ensure that regulators continue to have the transparency in the derivatives market needed to make the critical decisions to help mitigate risk in our domestic and international financial markets.
As we continue to move forward with the implementation process of Dodd-Frank, we must be mindful of the original purpose and intent behind this essential reform to our financial markets. Dodd-Frank was intended to add more transparency and oversight to our financial markets and to ensure that another financial crisis and meltdown would never occur. However, Congress must continue to provide important guidance and oversight to financial regulatory agencies in order to ensure that no unintended consequences associated with these new regulations will run counter to the original intent.
That is why I support this bipartisan and commonsense technical correction and clarification in H.R. 742. As a former securities lawyer and finance professional, I believe that this bill, by correcting the indemnification provisions that impose burdensome regulations on our foreign regulators, will in many ways maintain the integrity of our financial markets; and I think it is the right thing to do.
While many aspects of the new derivatives market and the entire title VII regime remain uncertain, I want to applaud the diligent work of both the CFTC and the SEC in drafting and implementing these critically new regulations. Today's vote helps to add clarity and clarification to very important derivative reform. I also want to commend my colleagues on both sides of the aisle and my colleague, the gentlewoman from Wisconsin, Gwen Moore, as well as my colleague from Georgia, David Scott, for their leadership on this issue.
I urge my colleagues on both sides of the aisle to vote in favor of this important clarification and to support this bipartisan piece of legislation.
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