Political Quotes

“I first want to thank the hardest working, most effective chairman in all of Congress; and I also want to thank my good friend and colleague French Hill for sponsoring this legislation. I also want to thank my friend and colleague from Illinois, Bill Foster, for his work on this. I am also very happy to be a cosponsor of the Volcker Rule Regulatory Harmonization Act. This legislation strikes a bipartisan balance for simplifying some of the regulatory burden of the Volcker rule and provides a clear exemption for community banks. {time} 1000 The Dodd-Frank Act granted responsibility to five different financial regulators with implementing and enforcing the Volcker rule: the Fed, OCC, FDIC, SEC, and CFTC. Every Member of this body knows that it can be difficult to come to an agreement when you have too many cooks in the kitchen. Imagine if this were the case for promulgating, implementing, and enforcing something as complicated as the Volcker rule. One Illinois bank, that serves thousands of my constituents, explained it is this way: ``This overlapping authority with respect to interpretations and guidance, as well as examinations and supervision, is inefficient and requires unnecessary time and effort, on the part of banks as well as regulators, to ensure compliance.'' The Volcker Rule Regulatory Harmonization Act is an artful solution to dealing with this issue.…”