Ultimately, the new standard has produced many concerns that CECL will have the opposite effect than intended, and rather than produce a safer financial outlook in a downturn, CECL could be procyclical and, indeed, cause problems for us during a downturn by tightening credit too much.
Expressing concerns that CECL might worsen financial conditions during downturns.
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More from Anthony Gonzalez
If we have liquidity challenges, if the depths of our markets all of a sudden are impaired, the ability of the financial system to respond to large shocks is severely diminished.
It's very refreshing to have genuine experts amongst the membership of Congress on this issue.
It is my hope that this committee can advance this common-sense legislation in the coming weeks.
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