|00:00:00||THERE ARE MANY REASONS -- MANY REASONS -- TO VOTE AGAINST CLOTURE ON THE HOUSE BILL, AND I'LL GET TO THAT IN A MINUTE.|
|00:00:11||BUT I AM URGING MY COLLEAGUES TO VOTE "YES" ON CLOTURE FOR THE REED-LANDRIEU-LEVIN SUBSTITUTE.|
|00:00:18||WE HAVE TRIED TO ADDRESS THE MANY, MANY CONCERNS RAISED BY THE HOUSE BILL IN OUR SUBSTITUTE SUBSTITUTE.|
|00:00:27||IF WE VOTE "YES" ON CLOTURE FOR OUR SUBSTITUTE, WE CAN THEN GO INTO SOME MORE MEANINGFUL DEBATE ON THE SENATE FLOOR, AND THIS BILL NEEDS SOME ADDITIONAL DEBATE.|
|00:00:41||MARY SHAPIRO FROM THE S.|
|00:00:44||E.C. SAID CLEARLY THAT THE HOUSE BILL GOES TOO FAR.|
|00:00:51||THE CHAMBER OF COMMERCE EVEN SAYS THERE ARE CONCERNS IN THE HOUSE BILL.|
|00:00:57||AARP IS OPPOSED TO THE HOUSE BILL.|
|00:01:00||SECURITIES AND EXCHANGE COMMISSIONER MARY SHAPIRO WROTE LAST WEEK, "H.|
|00:01:06||R. 3606 WOULD REMOVE CERTAIN IMPORTANT MEASURES PUT IN PLACE TO ENFORCE SEPARATION BETWEEN RESEARCH ANALYSTS AND INVESTMENT BANKERS WHO WORK FOR THE SAME FIRMS.|
|00:01:17||THESE CAREFUL PRINCIPLES WERE PUT IN AFTER THE SCANDALS, MADAM PRESIDENT, THAT ENSUED ON WALL STREET.|
|00:01:26||THIS BILL HAS FLOWN OUT OF THE HOUSE.|
|00:01:30||EVEN BARNEY FRANK SAID THAT WHAT WE'RE DOING IN THE SENATE BY SLOWING IT DOWN AND AMENDING IT IS THE RIGHT THING.|
|00:01:36||SO I URGE MY COLLEAGUES, GIVE OUR SUBSTITUTE A CHANCE.|
|00:01:39||YOU CAN VOTE "YES" ON SENATOR CANTWELL'S AMENDMENT, VOTE "NO" ON CLOTURE TO THE HOUSE BILL SO THAT WE CAN CONTINUE THIS IMPORTANT DEBATE IN THE SENATE.|
|00:01:51||THE PRESIDING OFFICER: THE CLERK WILL REPORT THE MOTION TO INVOKE CLOTURE.|
|00:01:55||THE CLERK: CLOTURE MOTION.|
Ms. LANDRIEU. Following up on the leadership of the good Senator from Rhode Island, let me say there are many reasons--many reasons--to vote against cloture on the House bill, and I will get to that in a minute. But I am urging my colleagues to vote yes on cloture for the Reed-Landrieu-Levin substitute.
We have tried to address the many concerns raised by the House bill in our substitute. If we vote yes on cloture for our substitute, we can then go into some more meaningful debate on the Senate floor, and this bill needs some additional debate.
Mary Schapiro from the SEC said, clearly, the House bill goes too far. The Chamber of Commerce even says there are concerns in the House bill. AARP is opposed to the House bill. Securities and Exchange Commissioner Mary Schapiro wrote last week: H.R. 3606 would remove certain important measures put in place to enforce separation between the research analysts and investment bankers who work for the same firms. These careful principles were put in after the scandals that ensued on Wall Street.
This bill has flown out of the House. Even Barney Frank said what we are doing in the Senate, by slowing it down and amending it, is the right thing. So I urge my colleagues to give our substitute a chance. They can vote yes on Senator Cantwell's amendment, and vote no on cloture to the House bill so we can continue this important debate in the Senate.