32 percent of the manufacturing jobs in the United States have been lost--32 percent, 42,000 factories have closed.
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Principle Number 1 is we live in a competitive world.
We are having to let go loan officers to hire compliance officers.
I think this is a very important Subcommittee, and you are doing extremely important work.
But the serial permitting is as bad as serial killing. It is a form of serial killing, I guess.
Indeed, Congress would be departing from its own fundamental principles if it sought to bind future Congresses from absolutely any reconsideration of what was legislated by its predecessors.
But certainly Dodd-Frank is not such a perfect piece of legislation that any and all amendments should be resisted for all time.
The legislation previously proposed by Senators Brown and Johanns, and today by Senator Collins, represents a sound basis for moving forward.
I would strongly urge Congress to act to prevent a result that is so clearly unwarranted and potentially so damaging.
I hope that during this additional period of study, and in view of the firm Congressional support for resolution of the issue, the Federal Reserve will move expeditiously to find an interpretative solution to the problem.
That, in the financial crisis, holding companies were a source of weakness, rather than strength, to their operating subsidiaries.
The Bank Capital Framework was not designed to, and does not, take into account the critically significant differences between the business of banking and the business of insurance.
Consideration should be given to the distinctions between banks and insurance companies.
It was not the intent of Congress to supplant prudential State-based insurance regulation with a bank-centric capital regime.
It was not Congress's intent that Federal regulators supplant prudential State-based insurance regulation with a bank-centric capital regime.
We must not take action that would diminish the taxpayer protections that provided the motivation for my writing the Collins amendment.