Pat McHenry: “Frankly, today's hearing is about creating a brand-new, massive, open-ended Federal entitlement program for 'universal'…”

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.

I think all options should be on the table.

We need to understand the decisions that were made last weekend on -- from Thursday until Sunday night...