On the recordApril 13, 2018
Mr. Speaker, on top of this blanket exemption, the bill also hands complete rulemaking power to the Fed rather than having checks and balances inside the executive branch, paving the way to completely gut the Volcker rule. You know, Fed Chair, formerly Paul Volcker, had said: ``I know from my long experience in banking and savings and loan regulation that plausibly small loopholes can be `gamed' and exploited with unfortunate consequences.'' Again I say: Remember Countrywide? African Americans lost half their accumulated wealth since the founding of the Republic, Latinos a third, and everybody else a fifth. You know what, it is time to keep prudent banking elevated and curb the speculators.
