Pat McHenry: “There is no underwriting for a loan.”

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

I am pleased that the Fed is resolute in getting inflation under control.

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.