Blaine Luetkemeyer: “I thank the chairman for his steadfast support on so many important financial services issues. Mr. Speaker, first, I…”

“I thank the chairman for his steadfast support on so many important financial services issues. Mr. Speaker, first, I want to quickly lend my support to the tax package slated to be considered by the House today. This legislation will bring simplicity and fairness to the Tax Code. It will lower tax rates so individuals and job creators can invest in our communities and hire more workers. I also want to commend Chairman Brady and the House leadership for their incredible work on this issue. Secondly, Mr. Speaker, believe it or not, there is another bill slated to be considered today by this body, H.R. 3312, my Systemic Risk Designation Improvement Act. It will remove the ill-conceived approach taken in Dodd-Frank to designate bank holding companies as systemically important financial institutions, or SIFIs. Under the current regulatory framework, the designation of SIFIs is based solely on size. Any bank holding company with more than $50 billion in assets is subject to enhanced regulatory supervision and a variety of special assessments. This approach fails to take into account differences in business models or risks posed to the financial system. As a former bank regulator, I can tell you this isn't a responsible basis for supervision, a fact that has been recognized by Federal Reserve Chair Yellen, Secretary of the Treasury Mnuchin, former Treasury Secretary Lew, and many Members of Congress.…”