passing this bill . . . will not in any way, shape or form reduce sensible regulation of derivatives. It will not increase any exposure to the financial system from derivatives. [Sec. 716] was an unnecessary and, I think, somewhat unwise amendment. The bill before us . . . will restore this to what I think is the appropriate balance.
Frank supports the bill, asserting it maintains necessary regulations on derivatives.
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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.
The Consumer Financial Protection Bureau may not exercise any rulemaking, supervisory, enforcement, or any other authority including any authority to order assessments over a motor vehicle dealer that is predominantly engaged in the sale…
This is a legislative enactment that essentially says that the fact that I live in a loving committed marriage with another man is somehow a threat to other people's freedom.
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.
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