Political Quotes

“This bill does far more than implement targeted modifications, as this letter proposes. This CRA resolution would overturn all of SAB 121, not just the part that this special interest group has complained about. Mr. Speaker, I am curious whether my colleagues on the other side of the aisle have actually read this letter from the special interest group that they are trying to pander to or whether they are bothered to consult the largest custody bank in the United States, the Bank of New York Mellon, which holds in custody more than $45 trillion in customer assets because they told me that they do not want this CRA and did not push for it in any way because they share our concerns about the bill being overly broad. {time} 1230 The consequences of using a CRA, rather than a more narrowly tailored bill, go beyond simply overturning SAB 121 entirely when the aforementioned concerns from special interests only have to do with one little piece of it. If this resolution is passed, the SEC would be prohibited from issuing any guidance in the future that is substantially similar to this one, including disclosure guidance on this issue. This means that the SEC would not be able to simply turn around and narrowly address this one little concern while preserving the rest of the guidance.…”