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Rep. Nan Hayworth, (R-NY), on what government can do to prevent another Knight Capital or MF Global and restore confidence in Wall Street.
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King it's August recess tonight as lawmakers tried to leave the capital.
A meeting now scheduled for tomorrow morning at 10 o'clock we'll bring them all together to decide on their direction and disposition up.
Is.
And as soon as we know we'll be bringing that to you our next guest voted to adjourn.
And she's headed back to her New York district no matter the vote today joining us now congresswoman Nan Hayworth.
Member of the house financial services committee also a member of the house doctors -- the only woman position.
Voting member of congress doctor congressman great to have you with.
Well thank you Lou it's an honor to be with -- and it's an honor to work every single today.
For the constituents in the Hudson Valley in New York which and privilege to serve.
Paterson invited -- -- where you're -- -- election with.
Yeah -- you know -- you just need you just mentioned in German and of course.
We don't -- -- we don't go on vacation I don't go on vacation when I'm on recess -- break back in the district working well I.
I I do know that you are one of the hardest working folks -- our congress and I certainly would never question that.
I do question the vote today and it seem like -- good leadership got caught by surprise thereby.
Some Maas rather adroit the political game playing on the part of the Democrats.
They they have their way did data.
Well aides who -- -- be is one of the few times when -- the minority party can not.
Cradle bit of a fuss but did that the principles are absolutely inviolate that we are on the job all the time for our constituents well in fact the speaker even said.
We will be happy to come back at a moment's notice.
If there is a piece of legislation that says the senate generates that we need to deal with and in fact -- of course as you know.
We have with a democratic colleagues on most of those votes.
We have sent dozens of pieces of economy reviving.
Job growing right energy -- are lowering our legislate -- -- -- -- to the senate.
Congress from -- with you.
-- there a couple of other little matters are wouldn't like -- -- your your view on.
Among some Knight capital land another disasters.
And a great embarrassment.
Of that firm is not the extinction of that firm.
-- Wall Street is out of control here.
And I don't think there's any other way to put -- I've I've covered Wall Street quite a long time.
I am very uncomfortable with the quality of leadership IC on Wall Street I'm very uncomfortable with the practices -- -- Wall Street -- point.
I know that Republicans are good free trade -- why did you know wild west marketeers.
But the fact of the matter is some awful good folks are out of the market who would like to be and it the security of the market is barely detectable.
And this is no time for platitudes what the world is your committee going to do about.
Well we we have to look aggressively we we have been as you know we we do hold hearings and hearings of course have their limitations.
But we do hope for moments of clarity in those hearings in the midst.
Obviously the ways in which and we saw with MF global.
You know those who participated these hearings can try to prepare their remarks and and even if you know that kind of I'm gonna -- if you most telling.
-- I don't please I don't mean to be unclear about this.
I have.
I have no problem with the hearing process I have no problem with fact finding guys are gonna fact I I fully support -- and -- -- about.
But what I don't understand is why there isn't more time given to fixing the problem and -- and bringing the folks who were responsible regulators.
The exchanges.
And these firms into line and I mean in the line.
Actually I understand it's election year but -- it's a great time to start well may be laying out the at least the outline of a profile -- courage.
On the part of the United States congress here.
Well late you're you're you're -- right ended part of the remedies they can certainly be legislative that's true.
A lot of -- as you now have asked to do with pursuing those -- enforce.
The SEC unfortunately has been devoting a lot of its energy is to promulgating new rules related to Dodd-Frank is you know little.
Bad it really is not the best use of the SEC's time or -- sources what we need to do is have better enforcement.
On the ground now.
And and they've been in are you gonna do that improves again -- I'm -- -- -- did that cause harm.
We're congresswoman it's always good to talk review we appreciate it congresswoman Lynn Hayworth.
