Rep. Louise SlaughterDorothy (Louise) Louise SlaughterSeven Republicans vote against naming post office after ex-Rep. Louise Slaughter Breaking through the boys club Sotomayor, Jane Fonda inducted into National Women's Hall of Fame MORE (D-N.Y.) argued Thursday that the Commodity Futures Trading Commission (CFTC) measure on the floor this week would lead to another economic crisis.

The bill, H.R. 4413, would reauthorize the agency through 2018 and includes other provisions to reform its regulatory process.

ADVERTISEMENT

"Unfortunately, the legislation passed out of the Rules Committee last night is a backdoor attempt to undo some of the reforms and a precursor to another financial crisis," Slaughter, the top Democrat on the House Rules Committee, said during preliminary floor debate.

"If this bill moves forward as written, we are sowing the seeds of future disaster in this country," Slaughter added.

Rep. Alcee HastingsAlcee (Judge) Lamar HastingsNFL players: Corporal punishment in schools is unacceptable Some Senate Dems see Ocasio-Cortez as weak spokeswoman for party Florida lawmaker diagnosed with pancreatic cancer MORE (D-Fla.), another member of the House Rules Committee, said the bill's provision to require the CFTC to conduct economic analyses of its proposed regulations would bog down their implementation. 

"The redundant cost-benefit requirements contained in H.R. 4413 will not only hamper the appropriate consideration and promulgation of new rules, but expose the CFTC to greater industry litigation," Hastings said.

But House Rules Committee Chairman Pete SessionsPeter Anderson SessionsHillicon Valley — Presented by CTIA and America's wireless industry — Lawmaker sees political payback in fight over 'deepfakes' measure | Tech giants to testify at hearing on 'censorship' claims | Google pulls the plug on AI council Lawmaker alleges political payback in failed 'deepfakes' measure As Russia collusion fades, Ukrainian plot to help Clinton emerges MORE (R-Texas) said Democrats' arguments were overblown. He noted that the House Agriculture Committee approved the bill unanimously.

"This is not about deregulating or doing away with something or defunding somebody," Sessions said. "This is not about causing some market crash or failure."

The legislation is expected to hit the House floor Friday.