Political Quotes

“I also rise to support H.R. 4096 for the exact reasons that Mr. Garrett just pointed out. I would like to be as clear as I can. I am a strong proponent and supporter of the Volcker Rule, and I would not support anything that would undermine that rule. That is not what this does. This is simply a clarification of an item that was never intended. Even as a supporter of that rule, this is not the outcome we intended. It is simply to clarify naming abilities by certain entities. I want to be also clear that nothing in this provision would allow something like the Bank of America Fund. You still cannot name it after a bank. These are subsidiaries of some banks. In this particular case, Natixis happens to be located in my district. They are the ones who brought this issue to my attention. They also happen to be affiliated with Loomis Sayles. Loomis Sayles is not a bank, but it is an affiliate of a bank. Therefore, Loomis Sayles would not be allowed to say this is a Loomis Sayles item. They have to call it some funny name, ABCD Fund or whatever it might be. That was never the intention of the Volcker Rule. The Volcker Rule was to make sure that the finances of this country and this world are as stable as possible so that people couldn't have conflicts of interest and on and on and on. This is a technical amendment, something that I strongly support. Mr. Speaker, I yield back the balance of my time.”