Political Quotes

“Just to highlight some comments here with regard to the ranking member's last discussion on this point of order, we believe the motion to recommit has absolutely nothing to do with financial stability. Title 1 of the bill deals with operational standards of bank holding companies. This bill we are working with deals directly with how regulators deal with banks. A pending lawsuit has nothing to do with the financial stability of this bank. This may belong somewhere else in the Dodd-Frank bill, but it doesn't belong in here. With regards to the underlying bill as well, Madam Speaker, to reiterate some of the points that have been discussed already, we have a situation where the fix for the crisis of 2008 was Dodd-Frank, as was spoken to eloquently by some of my colleagues. Some of the fixes--no bill we put together around here is ever perfect. There are always problems with it. It always needs to be tweaked down the road. This particular issue we are talking about today, systemically important designation of institutions, was part of a solution to try and be able to identify banks, by definition, that would bring down the entire economy so this couldn't ever happen again. If we have a big bank go down, it could be of such a size and magnitude and connectedness that it would bring down the entire economy. One of the unintended consequences of this is that these regulations have rolled downhill to small, midsized banks.…”