Whether regulatory power and sweeping new powers really should be centralized and given to the Federal Reserve at a time when our country is facing unprecedented fiscal, economic, and monetary policy challenges, we believe, is very problematic.
Bachus questions the wisdom of centralizing power in the Fed amid economic challenges.
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However, my continued concern is that the program threatens to dry up legitimate sources of credit and financing.
My Democratic colleagues have said they want to wrap this up. So let me just simply say to you that this is having the effect of shutting down these companies, whether that was intended or not.
Again, I thank the chairmen, the ranking members, and their staff for putting this together. The resolution process for financial institutions is one of the pieces of unfinished business from the 2008 financial crisis, and we will finish…
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