economic community the e.c. was a force for the good at the time what the e.c. did was reduced trade barriers to zero richer is to reduce terrorist as your reader reduced trade quotas to zero. and promote things like free movement of capital and people and goods and services that was a good idea at the time the e.c. was was was advancing individual liberty that's changed that project basically was finished in one thousand nine hundred two and what those european bureaucrats should have done is said ok we're our job is done let's all go home let's find a real job to do productive for that's not what happened what happens at the euro kratz have started the new project which is basically the creation of united states of europe and it's a very gradual thing it doesn't happen overnight but what we see is that they're trying to erase competition amongst member states right now we have competition right now every member state to set their own tax rates right now every country commit to make their own rules and as a result there is competition and this competition has be

was desperately needed. and today i stand here in support of this, what is a very modest change. because i believe that the inability of the cftc and the e.cto come together on a definition of u.s. persons is centrally important to an effective cross-border rules and regulations and rules of the road. now, i did support the gentlelady from california's amendment for switching the presumption. because of the closed rules, we were unable to take that up at this time. i believe it would have improved the bill. however, although this amendment as not adopted, i believe that the regulators will continue to have the authority to regulate any overseas swap transactions under u.s. rules if they conclude that it is appropriate. i believe that without this bill we can find u.s. companies going outside not only of the jurisdiction of the united states and our losing our competitiveness, but those swap activities could migrate away from u.s. companies overseas to companies outside of the reach of u.s. regulators. so i would urge my colleagues to support this important legislation. mr. conyers: i reserve. the speaker pro tempore: the gentleman reserves