Blaine Luetkemeyer: “Just to recap, the Dodd-Frank came into being as a result of the crisis. One of the solutions was to be able to fine…”

“Just to recap, the Dodd-Frank came into being as a result of the crisis. One of the solutions was to be able to fine systemically important financial institutions before they brought the economy down. Coming up with the SIFI definition was one way to do that. The problem was that the SIFI designation was too large and was being impacted in too many different and wrongful ways. Even Dodd-Frank's original author, Barney Frank, recognized that with his testimony this past week as well as in our committee. The metrics that we have in the bill are very simple. They are things that are used by the Financial Stability Board and by the Office of Financial Research when they look at global SIFIs. The CIT and OneWest merger that the ranking member keeps talking about are metrics that were used by the regulators to determine whether that was something they should be doing. We are not reinventing the wheel here. What we are doing is taking the burden off of the midsized regional banks, which is causing fewer products and services to be able to be provided to the customers at an increased cost; so I ask for the passage of the bill. Madam Speaker, I yield back the balance of my time. The SPEAKER pro tempore. All time for debate on the bill has expired. Amendment No. 1 printed in Part B of House Report 114-839 Offered by Mr. Davidson”