On the recordDecember 1, 2016
Second, thorough analysis of the institutions presently categorized as SIFIs but not G-SIBs requires more than a year. The bill today rightly looks to characteristics that are important in assessing systemic risk, but it does not provide predictability or an adequate transition period. The most recent financial crisis saw the failure of institutions of a variety of sizes, but, for example, the savings and loan crisis was the simultaneous failure of many smaller firms. I support an approach that looks at many different factors and gives discretion to a strong, well-resourced FSOC to designate forms based on objective characteristics of the firm so we can prevent another crisis. However, I urge my colleagues to vote ``no'' on H.R. 6392 because it does not set up the thoughtful framework we need. {time} 1345
