Political Quotes

“Mr. Speaker, I rise today in support of H.R. 4790, which makes important changes to our financial regulatory system that will provide clarity and consistency for our community financial institutions. I want to thank my colleague from Arkansas for bringing this important legislation forward. The Volcker rule, a creation of the Dodd-Frank Act, sought to prohibit reckless trading and investment strategies to protect consumers. Instead, it has led to yet another overly complex one-size-fits-all regulatory regime that adds additional pressure on our already overregulated community banks. The complexities of this rule and its unintended consequences have been acknowledged by the current and prior administration as well as by Members on both sides of the aisle. The mere fact that five different agencies: the Fed; the FDIC; Office of the Comptroller of the Currency, the OCC; Securities and Exchange Commission, the SEC; and Commodity Futures Trading Commission, the CFTC, are responsible for implementing and enforcing one rule should tell the American people everything they need to know about how fragmented and confusing the Volcker rule can be. That is why I am pleased to see H.R. 4790, the Volcker Rule Regulatory Harmonization Act come before the House today to provide an exemption for our small community financial institutions and to streamline the regulatory authority of the Volcker rule. Mr.…”