Political Quotes

“I rise in support of the FSOC Improvement Act. Following the 2008 financial crisis, Congress enacted the Dodd-Frank Wall Street Reform and Consumer Protection Act to protect working families, taxpayers, and the broader economy from consequences of unchecked financial risk. Dodd-Frank created the Financial Stability Oversight Council, or FSOC, to identify risks to financial stability, promote market discipline, and respond to emerging threats to our economy. FSOC brings together the heads of 15 financial regulatory bodies, giving it a unique, systemwide view of the American financial system. Among its authorities is the ability to designate certain nonbank financial companies as systemically important financial institutions, or SIFIs, when their activities or potential failure pose significant risk to financial stability. Past attempts by FSOC to designate an entity as systemically important, however, have been controversial and short-lived. In 2013 and 2014, FSOC designated four nonbank firms, but those designations were later rescinded following legal challenges, corporate restructuring, and policy shifts across administrations.”