David Schweikert: “I thank the chairman and, also, my good friend Congresswoman Love. She actually has become a very valuable member of the…”

“I thank the chairman and, also, my good friend Congresswoman Love. She actually has become a very valuable member of the Financial Services Committee. I appreciate this bill. We have to talk through something because there is something here that is just bordering on--you know, we are passing each other in the night here. That makes absolutely no sense. Dodd-Frank: I accept some folks bathe in love for it, but it has made the big, money-center banks bigger. So a bill comes along that says there is this concentration--if you believe it is a concentration of risk--because these banks are growing bigger and bigger and bigger. And one of the big reasons they are growing bigger is because they can amortize the regulatory risk over a much bigger book of business. The money-center banks are $2 trillion institutions. We are talking about a $5 billion step-up here. The small banks, which we are losing one a day, cannot cover these costs. Their regulatory costs on a much smaller book of business is putting them out of that business. So if you want to make the big banks smaller, you can try to regulate them more. But they have demonstrated that actually is their competitive edge in the world right now. What you need to do is compete them out of their hugeness, if that is a word.…”