Political Quotes

“Mr. Speaker, I thank the chairman for the time. I rise in strong support of H.R. 3312, a bipartisan bill. A majority of the majority party and a majority of the minority party on our committee reported this bill to the House floor. It is sponsored by my friend, Chairman Blaine Luetkemeyer, who has spent years studying Dodd- Frank, seven long years of studying the impact of Dodd-Frank, and how to improve it. This bill removes a requirement that uses $50 billion as an asset test to designate whether a banking company in this country is systemically important and, if they are, subject them to higher regulatory standards. But instead of ending too-big-to-fail, Dodd-Frank's misguided designation regime just entrenches it, Mr. Speaker. Authorizing the government to designate large financial institutions as systemically important creates a new class of firms that markets will interpret and assume are too big to fail. The SIFI designation, as noted by many Members on this side of the aisle, is, in fact, arbitrary, and I respect my friend that other numbers in statute may be arbitrary as well. But this one doesn't have any economic basis on why the participants in designing Dodd-Frank picked $50 billion. But over the past 7 years, we have had witness after witness tell us that we should look a different direction and not have an arbitrary number of $50 billion. Several Federal Reserve officials have expressed that similar view. Mr. Frank, as noted, has expressed that view.…”