Political Quotes

“I thank the chairman for yielding. Mr. Speaker, I rise today in strong support of H.R. 3340, the Financial Stability Oversight Council Reform Act. Mr. Speaker, I do not support the creation of FSOC and OFR and do not think that 10 unelected agency heads should be able to have such influence over the U.S. financial system. But H.R. 3340 doesn't even curtail any of FSOC's or OFR's powers. It simply provides greater accountability by making their budget subject to the annual Congressional appropriations process. Strengthening congressional oversight would force FSOC and OFR to address questions and concerns from both sides of the aisle. Requiring OFR to report quarterly to Congress and provide the standard public notice and comment period before issuing any report or regulation is just common sense. In fact, it would ultimately serve the public interest to provide transparency and diverse perspectives on issues affecting the financial services industry. The FSOC has the authority to declare large companies as ``systematically important financial institutions'' and then subject them to a new, costly regulatory regime that is designed for banks. I have serious concerns about their power, but this bill wouldn't even change that.…”