Political Quotes

“I thank the chairman for yielding me time. Mr. Speaker, I thank my colleague from Florida (Mr. Ross) for introducing this important measure being considered today. Mr. Speaker, the Dodd-Frank Act introduced into our Nation's capital a new culture of regulatory burden where a select few Washington bureaucrats dictate how our Nation's financial institutions should run themselves. While I support the necessary regulations from our Nation's fiduciary rule makers that upholds the goals of safety, soundness, and fair play, far too often our regulators have overstepped their boundaries and entered into dangerous territory of overregulation. Section 113 of the Dodd-Frank Act gave the Financial Stability Oversight Council immense deliberate power to declare nonbank financial companies as systemically important to the financial stability of the United States. Once that determination is made, these nonbank financial institutions become subject to extraordinarily stringent prudential supervision and regulation by the Federal Reserve. This is a power that should not be taken lightly. FSOC's systemically important designation carries with it a significant regulatory burden, a new public perception, and a new regulator. Mr.…”