Political Quotes

“Mr. President, the time to vote has come, and we are a few minutes over. This is one of those times when the Senate is on a very tight timeline, so I will have the majority of my speech put into the Record. I just wanted to respond in one quick way to some of the comments my colleague from Ohio has just made. A lot of attacks on this floor have been made saying that this bill rolls back the regulatory authority of the Federal Reserve and exposes all of our large banks to much greater risk or much less supervision than they would have had before and on and on. We knew these attacks were coming. They came in the Banking Committee when we had the markup on this bill. Basically, I want to read a series of questions and answers I had with the current Chairman of the Federal Reserve about these types of allegations being made about the bill--a bill which is designed to deal with credit unions and community banks and the smaller sector of our economy, not the big banks--all these attacks about rolling back the protections against big banks. I asked Federal Reserve Chairman Jay Powell whether it was accurate, if this bill were passed, that the Federal Reserve would still be required to conduct supervisory stress tests for any bank with total assets between $150 billion and $250 billion to ensure that it has enough capital to weather economic downturns. He answered: Yes, it is.…”