Mike Crapo

The frustration from foreign regulators over the lack of international coordination on financial reform measures has reached an unprecedented level.

The U.S. capital markets must remain the preferred destination for investors throughout the world.

The Fed's proposed rules affecting European banks doing business in the United States will duplicate work already done in Europe and create additional cost.

We encourage this Committee to collaborate with the Senate Finance Committee and other committees of jurisdiction.

The Indian Trust Asset Reform Act of 2013 would establish a voluntary mechanism for Indian tribes to prioritize the management and funding of their trust assets.

One of them is S. 165, the Indian Trust Asset Reform Act of 2013 introduced by Senator Mike Crapo

I would like to get with you--and we will do that--and urge you to provide the kind of information as well as legal analysis about the department's processes here that can help us address some of these issues.

The sooner Congress can act, the better it would be in terms of the overall success for both the Enterprises and FHFA.

The EPA has become synonymous with overly burdensome regulation, bureaucratic paralysis and economic decline.

To individuals, the EPA is often associated with loss of property rights, constraint of Federal freedoms and an ever-increasing financial burden to comply with rules promulgated by faraway officials on local communities.

To be sure, there is not an agency that I hear more about from Idahoans in a negative way than the EPA.

Unfortunately, there are too many examples of Federal regulations that make it harder to do business and maintain jobs while providing little benefit to their intended purposes.

I appreciate hearing that CMS is taking an innovative approach to dealing with our Medicare issues.

It is my hope that this hearing can serve to reignite discussions on how to proceed with reform of our Nation's housing market.

Both the SEC and the CFPB were created after significant downturns in the financial markets.

I appreciate the fact that you mentioned the JOBS Act and place those regulations as a top priority.

Without a fix, automatic spending cuts will take effect in just a few days and could send our economy into reverse at a time when we should continue moving forward on creating jobs.

It is unacceptable that we are lurching from one manufactured crisis to the next, and Americans have had enough.

We must do all we can to restore confidence in not only our financial system, but also in our ability as a country to tackle long-term challenges in a responsible, bipartisan manner.

I completely agree with him.

Can I have your commitment that each of your agencies will act on GAO's recommendation to incorporate OMB's guidance on cost/benefit analysis into your proposed and final rules as well as your interpretive guidance?

I view tax reform... to be a key part of that, not because of the need to raise revenue...

I agree with that. I think that we would have been hard-pressed to create a tax code, if we tried, that was more unfair, more complex, more expensive to comply with, and frankly more anti-competitive to our own business interests, than we…

We need to correct that, and I look forward to working with you in partnership on that.

Thank you very much, Mr. Chairman. I appreciate you holding this important hearing today.