Political Quotes

“I thank our ranking member, Congresswoman Maxine Waters, for yielding me time and also for her steadfast leadership in opposing the Financial CHOICE Act and many of the provisions included in the bill, including the one that we are considering on the floor today. Mr. Speaker, this bill flies in the face of the old maxim: Those who do not remember the past are condemned to repeat it. This bill would effectively blindfold our regulators when calculating operational risk capital at our largest institutions--it is worth repeating again: not our community banks, but our largest financial institutions--by precluding them from looking at an institution's historic losses as an indicator of possible future losses. Now, earlier, the ranking member injected an example of asking about our credit scores. I think it is worth elaborating on this, Mr. Speaker. Imagine if I go to a bank for a mortgage loan and they ask me for my credit score, and I simply told them they couldn't look at my past financial behavior in order to decide whether or not they are going to give me the loan. So when you talk about good or commonsense regulation, we all know the answer to that question, Mr. Speaker. Well, this bill would effectively do just that to our regulators. Instead of a credit score, which determines creditworthiness, operational risk determines the risk of loss resulting from inadequate or failed internal processes, people, and systems.…”