Pat McHenry

Look, insider trading is wrong. We can all agree on that.

If you look at the facts in a fair-minded way, and recent actions by the Bureau, I can safely answer my colleagues' questions with, yes, they are.

The frustrating part is to listen to the opening statement, and to recognize that this serves as a legislative hearing on a bill that represents what is absolutely wrong with this Congress' and some of my Democrat colleagues' responses to…

This bill is nothing more than protecting Democrats' left flanks, and instead, we should get serious about crafting legislation that will get the American people back to work and grow our economy, not codify a partisan wish list.

Instead, we are here today considering a partisan COVID-response bill by a far-left progressive Member that seeks to hold American workers and employees hostage unless they consent to a laundry list of unpopular social mandates from the…

Let's stay focused on getting the American people back to work. Let's not focus on social mandates and extraneous partisan measures, and let's get back to the work that the American people want us focused on.

I think that there appears to be bipartisan support in the Senate to repurpose the $130 billion for PPP.

But based off of that uncertainty, you are asserting as a regulator that you will actively review this to ensure that we don't have a financial crisis as a result of this health crisis?

I think there is wide agreement that your engagement in the PPP program made things largely better, right?

I believe that the Fed's and Treasury's decisive actions prevented the worst of the economic catastrophe.

I commend the work that you have focused on here. It has been due for decades at the SEC.

So, rightsizing those things so that there is a gradual change in regulatory cost and oversight based off of the raise, instead of having arbitrary break points to smooth those things out, is that the focus of your work?

That is a very sober assessment. We need to have a return to normalcy once this crisis passes.

There is something sickening and awful about what we witnessed happen to Mr. Floyd. This should not occur, we are better than that as a populace and a people, and we should respond together.

I think we all have an interest in ensuring that the broad base of the populous in our country, whether rural or urban, whether living on the margins or those who have newly found themselves living on the margins, that they have equal…

You never want a serious crisis to go to waste.

I have deep concerns about just the responsiveness of the board.

You will be held accountable by your regulator. You will be held accountable by your board. You will be held accountable by your shareholders, and you are certainly going to be held accountable by those who make the law here on Capitol…

To me, these are decisions that your board, and you, as a leader of that company, need to make.

We both issued reports, both the Majority and the Minority, as I outlined in my statement.

In terms of safety and soundness, you are mitigating customer harm from the previous regime. That is positive.

I was not asked by the agencies to not do that, and so therefore, I have just said in public what they outlined.

There are serious things happening in the world while we are having this hearing.

I am not sure what we hope to accomplish tomorrow with witnesses who are no longer in a position to fix the company, moving forward.

The evidence shows the source of the company's problem was its federated structure and the leadership team who couldn't fix it.