Dean Phillips: “I thank the gentlewoman from California for yielding and for her leadership of the House Financial Services Committee…”

“I thank the gentlewoman from California for yielding and for her leadership of the House Financial Services Committee and my friend and colleague from Ohio (Mr. Gonzalez) for his kind words about this bill. Madam Speaker, I rise today in support of my bill, H.R. 4841, the bipartisan Prudential Regulator Oversight Act. In the United States, we have thousands of institutions where millions of people go every day to do their daily banking, take out a loan for a new car, or start saving for their children's future. It does not matter if you live in Bloomington, Minnesota, or Brooklyn, New York, the process is the same. Virtually all of these institutions are federally insured and, thus, subject to at least one primary Federal regulator. Yet few of these regulators are actually required to provide testimony on their supervisory responsibilities in Congress. When the Dodd-Frank Act was passed in 2010 in response to the financial crisis, it became a requirement and an expectation that Congress would hear from the leaders of the Federal Reserve at regular intervals regarding its efforts, activities, and plans with respect to their supervisory conduct. Today, there is no such requirement for regulators at the FDIC, the National Credit Union Administration, or the Office of the Comptroller of the Currency. These agencies are responsible for monitoring the safety and soundness of our financial system as well as compliance with Federal banking laws approved by this body.…”