1:49 PM EDT

Jeb Hensarling, R-TX 5th

Mr. HENSARLING. Mr. Speaker, pursuant to House Resolution 391, I call up the bill (H.R 992) to amend provisions in section 716 of the Dodd-Frank Wall Street Reform and Consumer Protection Act relating to Federal assistance for swaps entities, and ask for its immediate consideration.

The Clerk read the title of the bill.

1:55 PM EDT

Jeb Hensarling, R-TX 5th

Mr. HENSARLING. Mr. Speaker, I don't really understand the motion to recommit because regulators already have the power that is described here. Therefore, Mr. Speaker, I find the matter to be irrelevant and not a particularly good use of the House's time. For those reasons alone, it ought to be opposed.

It is getting in the way of one of the strongest, most bipartisan pieces of legislation that has come to the House. It passed the Financial Services Committee by an overwhelming vote of 53-6. It will help grow the economy. It will put people back to work. It will reduce systemic risk.

I want to thank all of the sponsors, especially the gentleman from Illinois, Mr. Hultgren, for his leadership on this very valuable piece of legislation.

It is time to oppose the motion to recommit and it is time to pass the Swaps Regulatory Improvement Act.

I yield back the balance of my time.