Political Quotes

“To my friend from California, I thank Congresswoman Waters, Chairman Hensarling for allowing me to bring this forward, my friend from Missouri (Mr. Luetkemeyer), and I appreciate the remarks of the gentleman from Arkansas (Mr. Hill). So after years of working on this issue, I am glad to see our work is culminating with the passage of H.R. 1408 today. The language before us today represents a compromise simply requiring the Federal banking regulators--and by those I mean the Federal Reserve, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the Office of the Comptroller of Currency--to jointly study the capital treatment of mortgage servicing assets or mortgage servicing rights, and I will say MSRs or MSAs, under the Basel III Accords. It is nearly identical to section 116 of S. 1484, offered by Chairman Shelby in the Senate Banking Committee. Now, it differs from the original bill passed out of the Financial Services Committee on March 26 that included language to delay the current rule while regulators conducted a study and then proposed new appropriate capital requirements for MSRs. While many of us wish the bill included those provisions, the study is what is key. The study will be an important step in informing how we proceed with future actions establishing the appropriate capital requirements for MSRs. Now, what does H.R. 1408 require? Under H.R.…”