Political Quotes

“I thank the gentleman from Virginia. They actually called for us to have this procedure. And that part of Dodd-Frank--I have sometimes said ``the good, the bad, and the ugly''-- that was a good part. We needed to structure bankruptcy where it could handle these situations if at all possible. We consulted with the Comptroller of the Currency, with the Federal Reserve, with the FDIC, and this is a rare consensus. There is a bill over in the Senate by Senator Cornyn of Texas and Senator Pat Toomey of Pennsylvania that is similar to this bill. Hopefully we will have a conference with the Senate and get this done. Some people may say, well, it is not enough. Well, we need to do what we can do in a consensus way and do what we can. It is probably never enough. Sometimes it is too much. But at least this is in our general agreement. With that, I would like to now introduce a memorandum on this bill which includes the section-by-section comments for the Record. This is basically a detailed narrative for the courts and those that would look at this to give illumination to exactly how this works. H.R. 5421. The ``Financial Institution Bankruptcy Act of 2014'' The orderly resolution of financial companies presents unique challenges to the U.S. Bankruptcy Code for many reasons, including these institutions' interconnectedness and, in the case of larger institutions, a potential to pose ``systemic risk.'' H.R.…”