Pat McHenry: “We certainly appreciate your analysis. This is certainly an ongoing series, and we want to have feedback on what is…”

This is a matter of real substance for the independence of the Fed and the rulemaking at the Federal Reserve.

Broad and material changes to the Basel III Endgame necessitate a full reproposal. Full stop.

We need to get to the bottom of whether or not this is a supervisory problem, a regulatory problem, a bank mismanagement problem, perhaps all three.

I thank the Chair, and I thank the panel for being with us today to continue our investigation of the poisonous culture at the FDIC.