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Public Statements

Swaps Regulatory Improvement Act

Floor Speech

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Date:
Location: Washington, DC

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Mr. DINGELL. Mr. Speaker, I rise in opposition to H.R. 992, the Swaps Regulatory Improvement Act.

Part of the problem that led to the 2008 financial meltdown was that banks were taking huge risks by exposing themselves to risky swaps and derivatives. We passed the Dodd-Frank Act in part to address this problem by forcing depository institutions to spin off their swaps and derivatives activities to separately capitalized affiliates. H.R. 992, if passed, would nullify that part of Dodd-Frank and again allow banks to engage in the type of reckless behavior that caused the gravest economic calamity since the Great Depression.

Voting in favor of H.R. 992 is tantamount to unlearning the lessons of the recent past. I find it absolutely appalling that five years on, we're considering legislation to permit the very type of bad behavior that necessitated the Dodd-Frank Act in the first place. I urge my colleagues to vote down H.R. 992, if only out of good common sense.

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