Political Quotes

“I thank the gentlewoman for yielding, and I thank her for her leadership. Mr. Speaker, I rise to oppose H.R. 3340, a bill that would cause severe damage to the integrity of the Financial Stability Oversight Council and the Office of Financial Research. It is through these entities that the Dodd-Frank Act identifies risks in our financial systems and guards against another financial crisis. FSOC and OFR have been intentionally placed outside political pressure. They make our financial system safer and protect the American people from a future financial crisis. However, the bill we are debating today would cripple FSOC and OFR by subjecting them to unnecessary political influence, putting our financial system at risk. My colleagues across the aisle would have us believe that FSOC and OFR have free rein to set and approve their own budgets, and are, therefore, agencies that have run amok. FSOC's budget is approved by a majority vote of its members. FSOC does not have unchecked budget authority. FSOC's budget is similar to, and modeled after, the FDIC's budget mode. The FDIC also sets its own budget. It has time and time again acted to protect the American people from financial collapse while setting a reasonable and prudent budget. No one is calling on Congress to rein in the FDIC.…”