As I understand the arguments of the chairman and the ranking member, it is we are going to get rid of these eventually, but let's not do it too quickly because we might save money prematurely. I have never heard a weaker defense for continuing to spend money, that at some point we are going to stop. So why not stop now? So I think the gentleman from Wisconsin ought to be supported.
The speaker critiques the rationale for delaying budget cuts.
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I want to respond to Ms. Waggoner who reads the bill--yes, you read the bill; you don't read every other line.
We are talking about dismantling the one and only consumer protection agency that we created.
I urge staff to pay close attention to the differences in products offered by nonbank institutions and to be mindful of Congress's intent in financial reform that State consumer protection laws be preserved to the extent possible.
I do think there is a tendency for an overreach by the FSOC. I do not think straightforward insurance companies or money managers should be covered and regulated as SIFIs.
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