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Republican Plan To End The Bailout Of Fannie Mae and Freddie Mac View the plan here |
7-2-2010, House Republicans Conferees To Senate Republicans: Derivatives Provision in Dodd-Frank Bill Drains Capital From US Businesses, Will Kill Jobs |
"Democrat protestations to the contrary not-with-standing, their refusal to correct this language was the strongest message they could send to regulators. The Majority apparently intended for regulators to impose these provisions on end-users. Otherwise, they would have made these changes when they had the chance."
WASHINGTON - House Republican Conferees, led by Financial Services Committee Ranking Member Spencer Bachus, urged Senate Republicans to oppose the derivatives provision the Democrats added to H.R. 4173 in the middle of the night during the final conference meeting. The letter goes on to highlight the inaction of the Democrats to change the derivatives provision: "Recently, Senators Chris Dodd and Blanche Lincoln have claimed that regulators have no authority to impose margin on end users. They are mistaken. The legislation specifically directs regulators to set margin requirements for end users. "Additionally, Democrats had two opportunities this week to fix this language. On Tuesday, June 29th, the conference committee had to meet in order to consider an amendment by Senator Dodd to change the funding mechanism for the bill. At this meeting, Senator Saxby Chambliss attempted to clarify this derivatives provision but was blocked by the Democratic conferees. And yesterday, during House consideration of the final conference report, Republicans offered a motion that would have sent the bill back to conference with instructions to remove the new margin requirements for U.S. companies. The Majority again blocked our efforts."
NOTE: Click here to view a copy of the letter. ### |