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House Proceeding 12-10-09 on Dec 10th, 2009 :: 1:00:05 to 1:03:15
Total video length: 1 hours 14 minutes Stream Tools: Stream Overview | Edit Time

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Melvin L. Watt

1:00:01 to 1:00:21( Edit History Discussion )

Melvin L. Watt: was in the white house -- we got a one-fingered salute. that was from the republican chairman of the house financial services. mr. sessions: would the gentleman yield? mr. pe three minutes to my friend from north carolina, mr. watt. the speaker pro tempore: the gentleman is recognized for three minutes.

Melvin L. Watt

1:00:05 to 1:03:15( Edit History Discussion )
Speech By: Melvin L. Watt

Melvin L. Watt

1:00:22 to 1:00:42( Edit History Discussion )

Melvin L. Watt: mr. watt: i'm obviously a strong supporter of this legislation and was here on into the evening last night to expre my support for it. but there's one aspect of it i want to point out that i have some discomfort with. that i would like to speak about. there's really nothing we can do about it, it's not going to cause me to vote against the bill, but i think we need to

Melvin L. Watt

1:00:43 to 1:01:03( Edit History Discussion )

Melvin L. Watt: continue to work on it. the financial services version of the bill requires swap dealers and major participants to execute their standardized swaps on exchanges or swap execution platforms. these provisions we thought were very important to the bill.

Melvin L. Watt

1:01:26 to 1:01:47( Edit History Discussion )

Melvin L. Watt: price transparency and our -- the house version of this bill, the financial services version, rather, required the use of that platform for transparency purposes. so that companies could get the best price in an open, transparent market and so that regulators have a high

Melvin L. Watt

1:01:48 to 1:02:11( Edit History Discussion )

Melvin L. Watt: resolution risk of -- view of risk as they move through the system. it was our intent that the regulators would require the new technologies to be used for price discovery so that impartial, insttaneous information was available to all participants at the same time.

Melvin L. Watt

1:02:12 to 1:02:32( Edit History Discussion )

Melvin L. Watt: so, we kind of lost the totality of that in merging the financial services version of the bill and the agriculture committee's version of the bill and i just want to rise to put it back on the radar screen as something that we need to

Melvin L. Watt

1:02:33 to 1:02:53( Edit History Discussion )

Melvin L. Watt: continue to try to resolve when you've got 600 trillion over the counter derivatives business that neds to be -- there needs to be abs transparency, as there is in the stock market. that's the only way you can bring this out of the shadows and onto a transparent platform

Melvin L. Watt

1:02:54 to 1:03:16( Edit History Discussion )

Melvin L. Watt: , so i hope we'll be able to continue to work the chairman has been excellent on this issue. the chairman of financial services. and i hope we can continue the house and the senate moves these bills to figure out a way to make sure that we have the

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