Political Quotes

“I thank the gentleman from Ohio (Mr. Davidson) for his interest and for his authoring this amendment. Madam Speaker, the amendment makes clear that H.R. 6392 should not be construed to allow international standards to be imposed on U.S. institutions. The underlying bill, in two separate places, does rely on a similar framework that is utilized by the Basel Commission and that is used by the Federal Reserve and the Treasury in an effort to ensure that the largest U.S. banks maintain their SIFI designations. Beyond these provisions, however, it would be highly inappropriate for any international body to use H.R. 6392 to impose any standard on a U.S. entity. It is important to make the point, as we advocate today for risk-based supervision, that we avoid any sort of blanket approach that is so commonly seen out of international regulatory bodies. In the case of foreign banks in their doing business in the United States, for example, the $50-billion threshold and its interpretation by the Federal Reserve results in a huge number of banks being treated as SIFIs despite the fact that many of them have under $10 billion in assets. As we consider these designations, we need to avoid one-size- fits-all models and look at factors like comparable home-country standards before we move forward on enhanced prudential regulation.…”