Political Quotes

“I want to thank my good friend from Maine, Bruce Poliquin, for sponsoring this bipartisan legislation. The Alleviating Stress Test Burdens to Help Investors Act amends the Dodd-Frank Act to make some commonsense changes to stress testing requirements for asset managers and the investors whom they serve. Congressman Poliquin has worked very hard to make sure this bill is bipartisan. In fact, he was able to win the support of two-thirds of the Democrats on the Financial Services Committee. I believe this is one of the many bills that Chairman Hensarling has suggested be part of our negotiations with the Senate on their regulatory relief package. I agree. Why shouldn't a bill with such strong bipartisan support at least be part of the conversation? The idea behind the stress testing for financial institutions under Dodd-Frank is to make sure that they have enough capital on hand to cover losses in the case of a market disruption like the one that was encountered during the financial crisis. However, registered funds have a very different business model than banks. They do not guarantee any return to investors or promise that investors will get their principal back. Furthermore, these funds are not on the adviser's balance sheet. The idea that an asset manager should hold capital like a bank does not comport with its business model.…”