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

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Mr. ELLISON. Mr. Speaker, I am loath to turn attention away from this critical topic, and I agree with all of my colleagues on it. But also part of this rule is H.R. 1256, which is entitled the Swaps Jurisdiction Certainty Act. This is a closed rule--they're not allowing any amendments on it--and it is bad policy. I urge members to vote ``no.''

This bill reminds me of the old adage that's often said that ``the past isn't dead. It isn't even past.''

I'm referring to the global crisis--the global financial crisis--that a few years ago had every Member of this body absolutely on razor's edge as we wondered what was going to happen to the American economy, and we ended up seeing the TARP passed and all types of things to try to avert collapse.

$13 trillion in lost wealth, Mr. Speaker, and still here we are looking at a bill--in a closed rule, mind you--that would allow offshore derivative swap trading to be beyond the jurisdiction of American regulators.

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Mr. ELLISON. Let me just cut straight to the chase.

Congress granted the Commodity Futures Trading Commission explicit authority in the Dodd-Frank Wall Street Reform and Consumer Protection Act to oversee all derivatives transactions with a direct and significant connection to the U.S. economy.

That's a good idea--a $223 trillion industry. I think we need to protect our interests. Vote ``no'' on this closed rule.

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