Political Quotes

“Mr. Chair, I have great respect for my friend from Missouri, and it seems to me that this is a very serious matter that she has raised. It is also my belief that it ought to be considered in the context of the Financial Services Committee and legislation propounded and offered to this House for careful consideration of the serious assertions that the gentlewoman makes. We ought to have the time to debate and fully understand the ramifications of the actions that the gentlewoman speaks of. However, in the context of this bill, we don't have the opportunity to really make that kind of assertion or analysis. The authority granted to the Financial Stability Oversight Council, FSOC, to require supervision and regulation of certain nonbank financial companies helps mitigate systemic risks in the financial system. I was here in 2008, and we saw that. We saw it at great cost to the economy and to individuals. By identifying and regulating systemically important nonbank entities, FSOC can prevent potential destabilizing events that could harm the broader economy. The 2008 financial crisis highlighted, Mr. Chairman, the need to monitor and regulate nonbank financial firms that can pose very significant risks. The FSOC's authority fosters a coordinated regulatory approach, ensuring that nonbank financial companies are subject to appropriate oversight without duplicating efforts across different regulatory agencies. Mr.…”