Speeches and Floor Statements
Statement: Financial Services Hearing on “U.S. Equity Market Structure Part I"A Review of the Evolution of Today’s Equity Market Structure and How We Got Here
Washington,
June 27, 2017
Tags:
Housing
Congressman David Scott (GA-13) provided the following remarks during the House Financial Services Committee hearing to review the current state of the U.S. equity markets and review how the current structure has evolved since the enactment of the Securities Acts Amendments of 1975. Click here to watch video of Congressman Scott’s exchange with Matt Lyons, SVP and Global Trading Manager, Rep. Scott: Thank you very much, Mr. Chairman. Our equity market structure has played such a very pivotal role in our total economy, and I think it is important to establish that our capital markets of the United States is the greatest in terms of competitive advantages to the world. I trust in our markets to work effectively. It’s what attracts investments from across the world to the United States. I want to repeat that—trust in our markets to work effectively is what attracts investments from across the world to the United States. This is what makes our nation number one. And I think that’s why this hearing here today is so important; to study the evolution of our equity market structure and to search out and get recommendations from you panelists and this committee, and how we can all work together to improve it. And this is indeed a complex subject matter. Everyone basically wants a fair, very transparent open market. But we want this because improved markets results in better execution of trades. And better execution of trades means better prices, which saves money for the everyday people. So, keeping that in mind, to our American people who may be watching this hearing, to those who are saving money for retirement, or saving for a down-payment to buy a house, I simply want to ask this panel how Congress should prioritize any changes to the market structure. We’ll go down the line. What I’m asking for here is, it’s important for us to keep our nation strong, to keep our nation’s financial system strong, to keep up us number one. And the fundamental question is, because you all are very distinguished, what can you tell us as Members of Congress, that we need to do to keep our nation strong in having the strongest financial economic system on the planet? Mr. Lyons? |