Political Quotes

“I thank the gentleman from Pennsylvania (Mr. Rothfus), who is vice chair of the House Financial Institutions and Consumer Credit Subcommittee, and the gentlewoman from Ohio (Mrs. Beatty) for their work on this legislation. For years, the Federal Government has slowly expanded its jurisdiction in a number of areas. From healthcare to education, the Federal Government's presence has grown larger and larger. This bill attempts to restore regulatory balance and ensure that the proper authority--in this instance, the State insurance commissioners--can continue to do the job they have done well for more than 100 years. In a pre-Dodd-Frank world, there were more than 30 insurance savings and loan holding companies that owned insurance depository institutions. Federal Reserve supervision of these institutions has driven insurance companies to close their banks. That list includes Shelter Insurance, headquartered just outside my district in Columbia, Missouri. In the wake of Dodd-Frank and the dawn of Federal Reserve supervision, Shelter executives said it was simply no longer cost- effective to run a bank. This was a profitable, well-run bank that served people in the communities I represent that was put out of business by the Federal Government. Mr. Rothfus and Mrs. Beatty have introduced legislation that would mandate more tailored supervision of insurance holding companies subject to Federal Reserve oversight.…”