Video archive of the US Congress

Senate Proceeding 05-19-09 on May 19th, 2009 :: 0:44:35 to 0:49:15
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Saxby Chambliss

0:44:17 to 0:44:37( Edit History Discussion )

Saxby Chambliss: in the mean time we owe it to the america public to ensure that the regulators who oversee these industries are vetted and seeded with the -- seated with the backing of the united states senate. frankly, this vote has been too long in coming. one of president obama's first nominations for his new administration was that of gary

Saxby Chambliss

0:44:35 to 0:49:15( Edit History Discussion )
Speech By: Saxby Chambliss

Saxby Chambliss

0:44:38 to 0:44:58( Edit History Discussion )

Saxby Chambliss: gensler to be commissioner chairman of the cftc. his nomination was announced on december the 18th, 2008, and we officially received this nominati first day in office january 20, 2009. for the last few years i have

Saxby Chambliss

0:44:59 to 0:45:20( Edit History Discussion )

Saxby Chambliss: witnessed the troubling trend of stalled cftc nominations. the process starts with the president sending the congress the nomination, the senate agriculture committ confirmation hearing and that's as far as it goes. in the gays of gensler, two of my senate colleagues placed a hold on the nomination proceedings, which effectively

Saxby Chambliss

0:45:21 to 0:45:41( Edit History Discussion )

Saxby Chambliss: stalls the nomination in its tracks. this has happened with almost every nominee to the commission in recent years. with senate approval of this nomination, our job is still far from complete in ensuring that the cftc has a commissioners. we currently have two commissioners with expired terms. i would encourage the president

Saxby Chambliss

0:45:42 to 0:46:04( Edit History Discussion )

Saxby Chambliss: to quickly sends a nomination -- the nominations of the two remaing commissioners so that we can act quickly on both of them. and it's my understanding that the president, if he hasn't sent one of those nominations over today, that he's going to be i urge him to send the second one so we can deal with both of them at the same time and for the first time in several years

Saxby Chambliss

0:46:05 to 0:46:25( Edit History Discussion )

Saxby Chambliss: have a fully confirmed and seated commodities future trading commission. with respect to mr. gensler, i've had the visit with him, to go through his hearing with him, to observe him. he's qualified, he's capable, he knows the issues, and he's prepared i urged all of my republican colleagues to vote in favor of

Saxby Chambliss

0:46:26 to 0:46:46( Edit History Discussion )

Saxby Chambliss: this nomination because i think this is one time where we have the opportunity in a bipartisan way to say to the president: if you send us reasonable and qualified nominees, we're not going to stand in your way, we're not goi obstructionists, we're going to help you put the right kind of people in place and i'm very pleased to say that

Saxby Chambliss

0:46:47 to 0:47:07( Edit History Discussion )

Saxby Chambliss: since we've had the vote today, every single republican who voted today voted to confirm mr. gensler. and let me just close by for one second about the comments that my -- my colleague from iowa, senator harkin, made with respect to the overall

Saxby Chambliss

0:47:08 to 0:47:28( Edit History Discussion )

Saxby Chambliss: financial markets and our need to modify some of the regulatory i agree with him t more transparency in the market. we don't know and i don't know that we'll ever know what caused this meltdown last year. but the one thing i do know is thats policymakers we have an obligation to make sure that

Saxby Chambliss

0:47:29 to 0:47:50( Edit History Discussion )

Saxby Chambliss: when someone buys a product on a commodities market, that they can have the assurance that somebody from a regulatory standpoint is looking over the shoulder of the individuals who administered those markets and that when they buy something, it's to them as being, and that they can have the assurancehat they're going to have the opportunity with the risks that

Saxby Chambliss

0:47:51 to 0:48:11( Edit History Discussion )

Saxby Chambliss: they have taken to see that product either rise in value or sometimes go lower in value. but it will be their decision that causes that and not some manipulation of the market that causes that. the chairman and i have some disagreements over the direction in which we go, but there is no

Saxby Chambliss

0:48:12 to 0:48:33( Edit History Discussion )

Saxby Chambliss: disagreement of the fact that there needs to be more transparency in thearket. there are some customized products are going to be vy difficult to regulate. and we've got to be careful that we don't stifle markets in this country. they've worked well for decades and decades and and they will continue to work

Saxby Chambliss

0:48:34 to 0:48:54( Edit History Discussion )

Saxby Chambliss: well if we make sure that we've got the right policies in place and that we don't let the federal government get too much engaged in the process to the point to where these individuals who make the decision to trade on markets inside the united states get the feeling that the u.s. government is engaged in th

Saxby Chambliss

0:48:55 to 0:49:16( Edit History Discussion )

Saxby Chambliss: their business elsewhere, which they can do. every product that's bought on the market in the united states can be bou market. it can be bought from new york city or my hometown in georgia just as easily as it can be bought on the u.s. market. and we've got to make sure that we regulate those markets in the

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