Barney Frank: “The question I had to ask you is this: Why do they not want to be designated?”

For example, there are key differences in product characteristics between payday, car title, and other high-cost secured loans and more traditional closed-end unsecured lending and related products, and the products are often regulated…

If you're going to dip your fingers in the Federal till, don't complain if a little democracy rubs off on them.

Critically I made sure that the United States reserve the right to maintain and enforce existing sanctions and even to deploy new sanctions to address those continuing concerns which we fully intend to do when circumstances warrant.

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.