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Providing for Consideration of H.R. 1960, National Defense Authorization Act for Fiscal Year 2014; And Providing for Consideration of H.R. 1256, Swap Jurisdiction Certainty Act

Floor Speech

Location: Washington, DC


Ms. WATERS. Thank you very much.

I rise to oppose the closed rule on H.R. 1256.

H.R. 1256 really has no business being hidden in this bill at all. It is another attempt to keep the debate from taking place so that people will know what is happening when we are trying to have a regulatory regime that will protect us from having to bail out big institutions.

We are simply saying that we can't allow our financial institutions to have subsidiaries overseas that are doing business and trading and putting us at risk. Every time they get involved in a trade in which they don't have comparable rules in that country, what we are doing is putting this country at risk that we are going to have to bail out a big financial institution because the harm will come right back to the parent company.

We, in Dodd-Frank, have said that we must have comparable rules, that we must have regulatory regimes that are comparable to ours in order to do business and to do trading in order to protect against big institutions failing. So now we have this H.R. 1256 that would undo all of that and drag it back into the shadows, this derivatives trading, and put us all at risk. We can't even debate it. We can't even have an amendment because, again, they're trying to kill Dodd-Frank.


Ms. WATERS. Thank you so much. I do appreciate this. This is so important.

I am against this closed rule simply because we have mandated the kind of reform in Dodd-Frank that would keep us from ever being in the position in which we have to bail out these big institutions, and now we have so much organized push back and undermining of Dodd-Frank in which they are attempting to undo the reforms that we have done.

Simply put, we cannot allow the branches and subsidiaries of these big broker dealers--these big banks--to go over and do trading with countries that don't have comparable rules. If we allow that to happen, we will be forced to do what we have seen with AIG, which was to bail them out to the tune of billions of dollars, and supposedly, we'd done reforms to keep from having to be in that position again. We will find that we will again be experiencing what happened with Goldman Sachs and others who ended up being the beneficiaries of our failed regulatory regime.

So I am opposed to the closed rule. Vote against the closed rule, and then vote against the bill.


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