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Public Statements

Providing for H.R. 1062, SEC Regulatory Accountability Act

Floor Speech

Location: Washington, DC


Ms. WATERS. Mr. McGovern, I thank you so much for aptly describing what is happening on the floor today relative to the SEC.

Since its passage, Republicans have introduced dozens upon dozens of bills to undermine, repeal, or otherwise dismantle Dodd-Frank; and a prime example of that is what they're doing on this whole issue of cost-benefit analysis.

We're going to have on the floor today a bill that is going to pile more requirements on top of the SEC for economic analysis. We're going to have a bill whose real aim is to bog down the SEC so that they won't be able to do their work, so that they won't be able to do their rulemaking, so that they won't be able to protect investors. This is absolutely unconscionable.

I can understand that there's a lot of disagreement with Dodd-Frank. I can understand that there are those on the opposite side of the aisle who are concerned about protecting the markets and not necessarily the investors.

But to come up with the kind of obstruction that we're seeing, not only legislatively, but going so far as to team up with their friends and go into court, as they have done on proxy access, and get a ruling against proxy access so that they can, basically, have this bill come to the floor today, where they put requirement on top of requirement, costing more money, as Mr. McGovern has said, costing more time, and diverting the attention away from the work that the SEC should be doing.

I am particularly concerned about the Jobs Act, the jobs bill. Yes, on the jobs bill, we have a bipartisan effort, and many Democrats joined up with Republicans on this bill, even though there were some concerns about it, so that we could try and see if we could use a new approach to creating jobs. But that's going to get delayed because now they're attacking the SEC.


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