Political Quotes

“Mr. Speaker, I rise today in opposition to H.R. 3340, the so-called Financial Stability Oversight Council Reform Act. This bill represents another example of death by a thousand cuts from our friends on the other side of the aisle. It is another Republican attack on the Dodd-Frank Wall Street Reform and Consumer Protection Act. After the catastrophe of the financial crisis and the near collapse of our banking system, Republicans are, once again, jeopardizing the stability of our financial system. How many times will Republicans waste taxpayer dollars with these partisan and dangerous attacks on the independence of our financial regulators? Dodd-Frank created the Financial Stability Oversight Council and the Office of Financial Research to bring independent regulators together to monitor risk across our banking system and address threats to the American economy. Prior to the creation of FSOC, no single entity was accountable for monitoring our Nation's financial stability--none. It was a mish-mash, disparate mess. Dodd-Frank filled that void. Similarly, OFR works to support consumers by conducting critical research on our financial system and whether our regulatory systems are, in fact, working. Of course, if we don't invite the person who is the head of the Office to actually testify in front of the Financial Services Committee, how would we know?…”