News Column

Sarbanes Votes Against Measure to Deregulate Risky Financial Products, Warns Against Impact to American Consumers

June 24, 2014



WASHINGTON, June 24 -- Rep. John Sarbanes, D-Md. (3rd CD), issued the following news release:

U.S. Congressman John Sarbanes (D-Md.) today voted against a measure to tie the hands of regulators responsible for overseeing the derivatives markets. The bill, H.R. 4413 - cynically named the Customer Protection and End User Relief Act - is a dangerous attack on important financial reforms put in place to keep our country from another devastating financial crisis. The legislation was approved by the GOP-controlled House.

"This body must be suffering from collective amnesia - that's the only way we would pass this legislation," said Congressman Sarbanes. "We need to wake up and fight for the interests of everyday Americans, not the moneyed interests on Wall Street."

Six years ago, our economy was thrown into a tailspin because of a devastating financial crisis, spurred in large part by reckless behavior on Wall Street and lack of transparency and oversight of the global financial system's derivatives markets. Congress passed Dodd-Frank, which included measures to bring derivatives markets out of the shadows and allow regulators to better assess and reduce systemic risk.

However, the moneyed interests that oppose these critical protections have not stopped trying to undermine them through the regulatory process and in the halls of Congress. H.R. 4413 is the most recent example and would debilitate the Commodity Futures Trading Commission (CFTC), reducing its authority and efficacy by forcing regulators to jump through redundant and unnecessary hoops.

Our political system too often caters to the influential few at the expense of the rest of America. It's time we create a new system where the voices of everyday Americans can be heard over the din of wealthy special interests. That's why I've introduced the Government By the People Act (http://sarbanes.house.gov/uploads/2014/govtbythepeople.pdf).

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Source: Targeted News Service


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