Date: 2014-06-23
Speaker: JACKSON LEE (democrat)
Chamber: H

Mr. Chairman. again. I thank the chairman and ranking member of the Financial Services Committee. My amendment is simple. It would preserve existing law where a legal challenge to a CFTC regulation is reviewed first by the district court. And then. following an opinion by a district court judge. an appeal. if any. is taken to the court of appeals. Let me. first of all. refer my colleagues to the joint report by the Agriculture Committee where specifically it says that the general review provisions of the APA would apply. requiring parties seeking to challenge CFTC rules to file a claim before a U.S. district court. And it goes on to give those particular details. Then it goes on to indicate that to follow the review provisions of the APAthis going into a district courtthe CFTCs general counsel indicated that he would not object to a change. I would make the argument that it is not the general counsel but it is the individual consumer who should have the opportunity in a district courteither in their district or in the District of Columbiato be able to make a record and to ensure that all of the facts of the issue dealing with the rule are fully vetted. And that will happen if you have the opportunity to go first to the district court. Preserving existing law where a legal challenge to a CFTC regulation is reviewed first by the district court and then followed by an opinion by a district court judge gives the opportunity for a full briefinga robust record that can be developed along the legal issue and fact issues. and also it reduces the ability of the industry to undermine important DoddFrank derivatives. In my earlier statement on the floor. I indicated that many of the little guys are in the commodities. Dealing with that. they need the opportunities to have. in essence. the doublecheck on rules that may impact their business. With respect to DoddFrank and this authorizing legislation. let us not throw the baby out with the bath water. We all remember the dark days of September and October of 2008. The financial markets needed to be bailed out. I do not want to see that repeated. So. again. the amendment is simple. It goes back to existing law. I cannot imagine that the general counsel would oppose existing law. The statement says he didnt mind. But. again. didnt mind closing down further opportunities for consumers to have a record made on something that they may be opposing? So I would ask my colleagues to support the Jackson Lee amendment. and I reserve the balance of my time. Mr. Chair. I wish to thank the Chair and Ranking Member for their work on this bill. We all know that the Agriculture Committee is one of the hardest workingand also has one of the most diverse missions in Congress. I thank you for this opportunity to briefly explain my amendment. It is simple and makes a significant improvement to the bill. My amendment modifies Section 212 on judicial review that on page 19. lines 15 through 17 strikes "United States Court of Appeals for the District of Columbia Circuit or the United States Court of Appeals for the circuit." and replaces with "United States District Court for the District of Columbia or the United States Court for the district. Doing so would preserve existing law. where a legal challenge to a CFTC regulation is reviewed first by the district court. and then following an opinion by a district court judge. an appeal. if any. is taken in the court of appeals. This process provides for a more robust development of legal issues and a broader record in any appeal. reducing the ease of industry to undermine important DoddFrank derivatives rulemakings. With respect to DoddFrank and this authorizing legislation. Mr. Chairman. let us not throw out the baby with the bath water. We all remember the dark days of September and October 2008 when the financial markets needed to be bailed out. I do not want to repeat that. And more importantly. many of the residents of the 18th District of Texas have invested in homes. stocks. and educationand to see it all flittered away because someone on Wall Street. France. or Houston even. pushed the wrong button. generating a contratrade when they meant to bet in the other directionis not what Americans want to see. I urge my colleagues to vote for fairness and judicial economy. and preserve existing law by supporting the Jackson Lee Amendment.