Date: 2011-06-14
Speaker: DAVID SCOTT (democrat)
Chamber: H
State: Georgia

It seems that if Im the American people watching this on CSPAN tonight. I think we have a very clear picture of the difference between what the Republicans want and what the Democrats want. Now. as my good friend from North Carolina very eloquently laid out the scenario of how we got to where we are. the question becomes: How do we solve this problem? The Democrats are saying we got into this problem because we did not have the proper oversight to abusive practices. to manipulation. to the use of derivatives. and allowing them to use a leveraging position that brought great havoc to our economic system in a way that brought about a havoc to our economic system not seen since the 1930s and the Depression. The American people. under the leadership of President George Bush and his Treasury Secretary Paulson. came to our Financial Services Committee with just one little piece of paper. but on that piece of paper it said. We need to be able to bring some oversight and regulation to this new area of derivatives and credit default swaps. It is tearing a hole in our economy. We moved. We moved and we passed the DoddFrank bill. Now. what we have before us now is a continuation of a very misguided policy by the Republicans. Let me remind you. this same scenario was carried out to cut Medicare. Its all been cutting programs. cutting efforts to respond to the basic needs of the American people. Now. my issue is this: If my Republican friends were very sincere about what they were doingand let me qualify that because I dont want my words taken down. But "sincerity" is a very important word here. And my sincerity point is this: If they were sincere. why would they advocate cutting the very programs that the American people need at the time and. at the same time. saying were in such dire budget consequences but yet we can give billionaires and millionaires $2.5 trillion. but we cannot adequately fund the CFTC to go in and have the power to put forward the very controls needed so that we will never have the kind of meltdown that we had before? That is the hypocrisy here. Mr. Chairman. Thats what the American people are watching tonight on CSPAN in this debate. and I hope they see a very clear message of who it is thats standing up for the American people at their time of need. And theres no greater need than to rein in these speculators who have been a primary cause to the high rise in gasoline. Thats what they want us to do. and thats what were doing. But the Republicans want to cut the budget so that we will not be able to have the staffing. so that we could go into the dark corners and the crevices and be able to shine the light and pull out these speculators that are driving up these gasoline prices to $5 a gallon. So I hope that tonight. after this debate. the American people will clearly see whos on the side of the American people. Without any question. without any doubt. it is the Democrats who are standing in the way to make sure that we do all we can to make sure the CFTC. our primary regulator. will be able to put in place those entities. those regulations that will prevent this meltdown from happening before and will rein in these speculators and give the American people the day that they deserve. a better day in the sun. The Acting CHAIR. The time of the gentleman has expired.