Political Quotes

“I rise today to discuss legislation that I introduced to make technical corrections to the Dodd-Frank Act. Two and a half years ago, Congress rushed to pass the 2,300 page Dodd-Frank Act and, like any large and complex piece of legislation, it contains numerous technical errors. For example, section 742(b) of Dodd-Frank amends the Gramm-Leach- Bliley Act by citing to section 206(e) of that act when, in fact, Gramm-Leach-Bliley does not have a section 206(e). Another example is that Dodd-Frank abolished the Office of Thrift Supervision, but failed to take out references to the OTS in at least 20 statutes. These are the types of errors that should be corrected. While I strongly opposed Dodd-Frank and do not believe that it should have become law, I nevertheless believe that we should at least attempt to clean up the errors found throughout the legislation. Accordingly, the legislation I have introduced focuses purely on technical corrections of non-substantive inaccuracies and omissions in the final Dodd-Frank bill. The bill I introduced could have been many pages longer, but I sought to keep it to only those changes that were purely technical. There are many other technical changes that could be made that also involve policy judgments. I decided not to include those changes in my bill because I wanted to introduce a bill that could garner broad bipartisan support and serve as a starting point for forging additional compromises on other problems with Dodd-Frank.…”