, -- U.S Representative Ted Budd gave his first floor speech today in favor of the SEC Regulatory Accountability Act. Excerpts from the speech are below, and video can be found here.
“The debate over financial regulation is not just about more versus less. It's also about the idea that financial liberty and personal liberty are connected. And they have been for most of history. This goes back to the middle ages when the widespread use of a bill of exchange basically, a check made it much more difficult for government to wrongly take people's wealth. That development was one of the first building blocks of limited government.”
“Now today, we see a similar principle at work in global capital. Like the bill of exchange placing gold or silver out of the reach of government, the economy allows capital to flow away from harsh regulation. Countries that get it right are the ones that win. There are a number of statistics that suggest we are getting the shortened of the stick in this arena. We are losing our financial competitiveness."
“For example, nearly 10% of foreign companies left the New York stock exchange, almost double the historic average. The United States from 2010 to 2016 slipped from sixth to 11th in the index of economic freedom. While this problem has a number of causes, the Securities and Exchange Commission, the Regulatory Accountability Act will help improve our economic competitiveness by requiring that the SEC to put its regulations through a strong cost benefit analysis and to review regulations that are just plain outdated. I urge a yes vote and I yield back.”