Senate Proceeding on May 14th, 2009 :: 7:02:05 to 7:09:05
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7:01:59 to 7:02:19( Edit History Discussion )

Maria Cantwell: quorum call: senator from ms. cantwell: i ask unanimous consent the call of the quorum be dispensed. the presiding officer: without objection, so ms. cantwell: i rise to discuss what i hope is a iteming point in our road to economic re the obama administration yesterday asked congress to swiftly pass sweeping and historic regulatory controls on derivatives, credit default swaps commodities trading and

7:02:05 to 7:09:05( Edit History Discussion )
Speech By: Maria Cantwell

7:02:20 to 7:02:40( Edit History Discussion )

Maria Cantwell: other sectors of the financial marketplace that collapsed last year unrestrainted speculation. the road to this point has not been easy. for months i have been urging the administration to move quickly to propose strong regulatory controls on the markets, require transparency in derivati

7:02:41 to 7:03:02( Edit History Discussion )

Maria Cantwell: market manipulation. with the announcement yesterday by treasury secretary geithner that the obama administration has come down decisively on side of imposing order on a marketplace whose collapse made this current recession so much deeper and more average america to be. the administration clearly

7:03:03 to 7:03:25( Edit History Discussion )

Maria Cantwell: supported in writing bringing the unregulated dark over-the-counter derivative markets under full regulation for the very first time. the administration has identified the top three key goals of regulatory reform in the unregulated over-the-counter derivative marks.

7:03:26 to 7:03:46( Edit History Discussion )

Maria Cantwell: first, transparency on all dark markets. all derivativeransaction dealers are brought under regulation and supervision. which requirements; antifraud and antimanipulation authority; and very clearly transparency and?? reporting requirements.

7:03:47 to 7:04:07( Edit History Discussion )

Maria Cantwell: second, all standardized trading of physical commodities will finally be required to be traded on fully regulated exchanges. and, third, limits on regulated markets to prevent any market player from amassing large positions that i have received in e-mail

7:04:08 to 7:04:32( Edit History Discussion )

Maria Cantwell: additional assurances from the administration that they believe these position limits should be applied in theggregate across all contract markets torevent fraud and manipulation. mr. getter' geithner's press conference

7:04:33 to 7:04:55( Edit History Discussion )

Maria Cantwell: was his deregulation the cause of this cris. how did we get here, madam president, with this historic moment? a decade ago congress passed in the dark of night at the end of the congress a law that gave an exemption to toxic financial tools from regulation under the cfta.

7:04:56 to 7:05:16( Edit History Discussion )

Maria Cantwell: our courageous then commodities future trading commissioner, chairwoman boren warned congress that financial -- warned congress and the physical community that un-- and nancial community that unregulated derivatives to cause potential serious danger to the economy but some in washington blockeddivities including wall street and senior administration officials.

7:05:17 to 7:05:38( Edit History Discussion )

Maria Cantwell: one high ranking treasury official charged with pushing this bill through congress was gary gensler a former high ranking executive at goldman sachs. he testified before congress that he unambiguously opposed regulating the derivatives market.

7:05:39 to 7:06:01( Edit History Discussion )

Maria Cantwell: and, for boren's coura that she today up in 1998 to the powerful financial interest in proposing tougher rules she is awarded the "profile in courage award," by university. the obama administration embraces reforms that boren

7:06:02 to 7:06:22( Edit History Discussion )

Maria Cantwell: argued we needed a decade ago, an uphill matter, with too many with financial stake in the unrestrained trading system but because of my concern that the president's commitment to government reform and increased transparency would be overshadowed by those w take a ghost-low approach to regulatory reform i placed a hold on the president's

7:06:23 to 7:06:44( Edit History Discussion )

Maria Cantwell: nomination of gary gensler to be the chairman of the commodities future trading commission. in my view, mr. gensler helped perpetuate lax regulation and contributed, that contributed to our current economic crisis while he was under of the treasury during the latter years of the clinic totion administration. while mr. gensler has recently

7:06:45 to 7:07:06( Edit History Discussion )

Maria Cantwell: stated he supports stronger regulatory reals for financial markets -- rules for financial markets in 2000 he supported ironclad presentations against regulation of financial products such as credit default swaps and derivatives. i hardly need to colleagues in the senate the disasters of that course of action madam president, the world of

7:07:07 to 7:07:28( Edit History Discussion )

Maria Cantwell: derivatives and swaps is foreign to most americans. the vulnerability of the marks to rampant speculation and a complex set of regulatory structures needed to address the problems are just not easy to grasp. even for the insiders of the financial industry. but my constituents inhe state of washington no all too well

7:07:29 to 7:07:49( Edit History Discussion )

Maria Cantwell: the consequences of inaction and lax oversight. to us, the financial meltdown is not just an object lesson in greed playing out on the other coast it is an issue that has affected our daily lives. we rember when the lights want out during the crisis brought on

7:07:50 to 7:08:15( Edit History Discussion )

Maria Cantwell: by enron's predatory speculation that threw the western power of drought, botched regulation, and enron's market manipulation cause the west coast consumes more than $40 billion. and it took years to unravel the mess. the rules of financial gain may

7:08:16 to 7:08:36( Edit History Discussion )

Maria Cantwell: be be a financial meltdown are well understood. because of my involvement light and seeing the type of business abuse in the financial markets that i am determined to take steps to ensure that such abuse does not happen again. i'm glad has listened to those of us on

7:08:37 to 7:08:57( Edit History Discussion )

Maria Cantwell: capitol hill with, and those within his own administration who believe strongly that bold and timely action was critical to ensure the stabilityf our financial markets.

7:08:58 to 7:09:06( Edit History Discussion )

Maria Cantwell: i have concerns of mr. genr. gen appointment who caused so much damage to the economy but in light of the administration's significant and potentially