I want to thank our witnesses today, and I also want to thank Mr. Rokita for introducing this bill.
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If we are going to get serious about immigration reform, we have to recognize that these are all levers that need to be available.
I am a small-business person and I understand every bit of that.
We should not waste a dime of hardworking taxpayer dollars and to excuse this kind of abuse and fraud is unconscionable.
At least one went to court and was successful. And I think one insurance company went to court and was successful, MetLife.
It's like going to the doctor, you are sick, but we are not going to tell you why you are sick or how you got sick or how you can get better, but we will let you know when you are dead. It's the same way with SIFI designation.
And wouldn't you say that if we are going to go this route and allow for FSOC to ignore its experts and indict a State-based system of insurance regulation that we are essentially setting up possibly a two-tiered system, one of which that…
And I guess my point is, is this not, this action by the FSOC of designating these three insurance companies, is it not an indictment of the State-regulated base form of insurance regulation that we have in this country?
Interesting, of the four non-bank financial institutions, three, of course, were insurance companies...
Ultimately, the staff report verifies what we have already known: that Washington simply is unable to accurately identify and define systemic risk.
This kind of fraud and abuse is not a good use of hardworking taxpayer dollars.
What is it about this, Mr. Speaker, that you don't understand? You are wrong on this. Don't let your base push you over the cliff on this bill.
I now yield 2 minutes to the distinguished gentleman from Michigan (Mr. Mitchell), a member of the committee.
I now yield 1\1/2\ minutes to the gentleman from Ohio (Mr. Chabot), the distinguished chairman of the Small Business Committee.
I think that Senator Gillibrand and I both intend to work on language that will move forward to the full committee.
I think you are onto a point there because as--as somebody who was a senior manager, I wanted to be able to get the most talented, most capable person for a position.
I would have hired Bill Gates, and so you would, I think, Senator.
I think that would be a tremendous step forward.