Nydia M. Velazquez: “Let me take this opportunity to thank the gentlewoman, Maxine Waters, for her leadership. Mr. Speaker, I rise in…”

“Let me take this opportunity to thank the gentlewoman, Maxine Waters, for her leadership. Mr. Speaker, I rise in opposition to H.R. 1116, the TAILOR Act. This bill requires regulators on the FFIEC to reduce the scale and scope of their regulations based on the size and profile of a financial institution or class of institutions. Let me be clear: Like many of the bill's supporters, I strongly believe that we should not take a one-size-fits-all approach to financial regulation. Financial regulation must be appropriately adjusted according to the size and complexity of an institution or class of institutions. That is why Democrats worked so hard to create these flexibilities in Dodd-Frank and regulators are already required to adjust their rules accordingly. For example, the CFPB has exempted community banks from many of the requirements under the qualified mortgage rule, and the Federal Reserve has developed different capital standards for banks based on size. Moreover, we already have laws like the Economic Growth and Regulatory Paperwork Reduction Act that instructs Federal financial regulators to go through extensive look-back reviews to update and improve their regulations. So while I agree that it is necessary to review and update our regulatory framework from time to time, particularly for our smaller institutions, I oppose H.R.…”