Political Quotes

“I thank my colleague from Missouri (Mr. Luetkemeyer) for offering this important piece of legislation under consideration today. The bipartisan Systemic Risk Designation Improvement Act replaces an arbitrary asset threshold with an indicator-based approach, which will better assist the Financial Stability Oversight Council in determining the true systemic risk of a financial institution. It is a mistake for regulators to continue regulating a $50-billion bank in the same way they regulate trillion-dollar global systemically important institutions. In fact, this view is shared among regulators and legislators. Comptroller Curry, Federal Reserve Board member Tarullo, Senator Sherrod Brown, and even former Chairman Barney Frank have all made public comments agreeing that the $50-billion SIFI threshold is not the best determination for imposing heightened prudential standards. This bill introduces a better, analysis-driven approach, requiring the council to require metrics already established by the Basel Committee on Banking Supervision when it identifies Global Systemically Important Banks. The Systemic Risk Designation Improvement Act will stop the current regulatory model of needlessly increasing compliance costs and forcing institutions to decrease financial services.…”