Lee Zeldin: “I thank the chairman for all of his great leadership and mentorship throughout this process to get this bill to the…”

“I thank the chairman for all of his great leadership and mentorship throughout this process to get this bill to the floor today. Mr. Speaker, I rise in strong support of H.R. 4293, the Stress Test Improvement Act. It is critical bipartisan legislation that injects transparency, consistency, and fairness into the stress testing process. I especially want to thank my bipartisan supporter and partner on this important bill, Congressman David Scott of Georgia. Stress tests are one of the aspects of current law that are contributing to the climate of legal and regulatory uncertainty because the Federal Reserve has failed to provide the necessary transparency around this process. A stress test is a financial analysis performed internally by a financial institution or done externally by a regulator to assess if a bank can withstand stressful economic conditions. Stress tests, when done correctly, are an important way for banks and regulators to understand the ability of financial institutions to survive a contracting economy or weather a major economic storm like a recession. Ensuring that these tests are done right, with fairness and objectivity, is essential for protecting depositors and the overall financial system. That is why passing the reforms in this bill should be a priority on both sides of the aisle. Working together on a bipartisan basis, Mr.…”