Political Quotes

“I thank the chairman. I thank my colleague from Minnesota, Representative Emmer, for offering this piece of legislation that is under consideration today. Mr. Speaker, the Financial Stability Oversight Council Reform Act places the FSOC and the Office of Financial Research under the regular appropriations process and will require the Office of Financial Research to submit activity reports to Congress. Bringing FSOC under the appropriations process ensures greater accountability for a council that has continuously failed to fully disclose its SIFI designation methodology and that has yet to provide concrete guidelines for designated entities to lose their SIFI status. Most importantly, this legislation will bring much-needed transparency to the Council. FSOC is intended to be a forum for discussion and analysis of financial regulator issues, but, unfortunately, the Council has continually failed to address the consolidation and failure of our Main Street banks. On its own, a single community bank failure will not pose a systemic risk to the financial system. However, losing these small banks at an accelerating pace is a clear warning signal that the financial system is not healthy, and losing community banks as a whole certainly qualifies as systemically risky.…”