September 8, 2011
I support the proposals we are considering today. I also support the IOSCO principles. Moving forward on global regulatory reforms is critical to guarding against regulatory arbitrage between international regulatory regimes. The IOSCO principles move that effort forward.
I also thank the Chairman for laying out his suggested timeline for how we go forward in approving final rules. There are certainly some rules that I think we should have done already, like position limits. However, by and large, I think we are moving at a pace that reflects the good judgments we are making. We aren’t rushing rules through without thinking about them. As I said at our last meeting, many of these new rules will actually help create jobs. They will actually help fuel-inject the economic engine of our democracy at a time when we really need it.
I am sure there will be those that criticize the Chairman’s agenda: it goes too slow, it goes too fast, it isn’t detailed enough, etc. What I have found in Washington is that when folks criticize you from both sides, when neither side is completely happy, you are probably doing something right. So, thank you Mr. Chairman for your leadership.
Last Updated: September 8, 2011