Political Quotes

“I want to say I am going to miss both the chairman and the gentleman from Florida (Mr. Ross) after they leave this term. I am going to try to address the ranking member's timing issue, but the fact is that much of this bill simply codifies what FSOC's current process is and, thus, is not changing that timing. Mr. Speaker, I rise today in support of H.R. 4061, the Financial Stability Oversight Council Improvement Act of 2017, which would enhance transparency and procedural fairness for the nonbank systemically important financial institutions designation process. Dodd-Frank created FSOC and charged it with identifying risks to the financial stability of financial companies that would pose a threat to our overall financial stability. The problem with this is that FSOC has the authority to designate a nonbank financial institution, such as an asset manager or an insurance company, and subject the institution to heightened prudential supervision and regulation by the Federal Reserve. All you hear from the other side is that this is about megabanks. It is the exact opposite. It is about these insurance companies and these asset managers and broker dealers. In 2014, FSOC designated MetLife, a life insurance company, for ``heightened prudential supervision'' by the Federal Reserve.…”