Ron Paul
2001 Ron Paul Chapter 41

Internationalizing SEC

13 June 2001

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2001 Ron Paul 41:1
Mr. PAUL. Mr. Chairman, I move to strike the requisite number of words.

(Mr. PAUL asked and was given permission to revise and extend his remarks.)

2001 Ron Paul 41:2
Mr. PAUL. Mr. Chairman, I rise in opposition to this amendment, mainly because I do not think it is a good move to have the SEC internationalized to begin with, and to further internationalize it does not seem to make a whole lot of sense.

2001 Ron Paul 41:3
For one thing, cracking down more on foreign oil companies that are doing business in Sudan will not necessarily prohibit the benefits that may flow to the American oil companies if there is a change in government. We should not ignore that. We go to war over oil. We went to war over oil in the Persian Gulf, and certainly we had oil as an influence to send in many dollars and much equipment down into Colombia.

2001 Ron Paul 41:4
But just let me read from the bill. It says the Secretary of State will report back on a description of the sources and the current status of Sudan’s financing and construction of infrastructure and pipelines for oil exploitation; the effects of such financing and construction of the inhabitants of the region. It goes on, which in a way does a lot of research and benefit for our oil companies that may benefit. So I think oil is involved, but in quite a different way than I think we should be involved in dealing with the foreign oil companies today. So I am not going to support this amendment.

2001 Ron Paul 41:5
I would like to take another moment to mention something which is considered an esoteric point, but I consider very important, and that has to do with the authority to do these kinds of things that we are doing today, no matter how well intended. The committee report explains the authority, and the supporters of the bill says the authority comes from article one, section 8, clause 18. And they look to the right place. Article one, section 8 gives us our 18 enumerated powers that we are permitted to do. The clause 18 is the necessary and proper clause: to make all laws which shall be necessary and proper for carrying into execution the foregoing powers.

2001 Ron Paul 41:6
The foregoing powers were those 18 issued. To use this in a generalized sense means there is no constitution left. That means any power we want, we can do whatever we want. That was specifically designed to pass laws to enforce those 18 enumerated powers. So this bill, in spite of all the good intentions that we hope it will do, really undermines the whole concept of the Doctrine of Enumerated Powers.

2001 Ron Paul 41:7
And we should not take that lightly, although this generally is not of much interest to so many people because we do so much and we have such great hopes that it will always do so much good. From just observing history, recent history, the last 20, 30, 40 years since World War II, so often when we get involved and we send money to help the good guys, it is not infrequent the good things that we send in, goods and services and weapons, end up in the hands of the opposition and the enemy. So that is always a possibility once again. These commodities and services and the things that we send and the money may well end up literally being used against the people we are trying to help.

2001 Ron Paul 41:8
The other thing that we tend to ignore here is we concentrate on the good things that we are going to accomplish. Miraculously, we are going to solve this problem by putting $10 million in today and $100 million in the next 5 years, and everything is going to be solved. We do not think about it failing, because that would be a negative, and we do not want to think about that. We do not think about the Constitution, and we do not think about who pays. Somebody always has to pay. This is token. Who cares about $10 million? When we take $10 million out of the economy, there is somebody who suffered; somebody did not get a house or somebody lost a job. But they are not identifiable. They do not have a lobbyist. They are lost. But they are penalized. There is always a cost.

2001 Ron Paul 41:9
And even if we assume we have a surplus and the money is already in the budget, we still should be concerned because we are making a choice. We are saying that we are going to take this money and take the risk of sending it over there. Maybe it will help. Maybe I am right, maybe it will not do quite as much good as we think, but we make a trade-off. We say today that we will send this money with the hope that it will do good at the expense of a domestic program. Do my colleagues think every poor person in this country has been taken care of, their medical care needs or housing? So we do make choices continuously, but we forget about that.

2001 Ron Paul 41:10
We never really think about the choices that we make, and there is always a trade-off. And we generally always forget about finding the point in the Constitution that gives us authority. In this case, this is the wrong authority, and it is not a proper interpretation of the Constitution as described in the committee report.

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