Political Quotes

“Mr. President, I want to echo the comments of the senior Senator from Idaho, the chairman of the Banking Committee, and thank Mr. Alvarez for his service at the Federal Reserve. I specifically want to thank him for his service during the financial crisis of 2008. Our country faced daunting challenges during that period, and the Federal Reserve and the government's response to the financial crisis was not an easy undertaking. The crisis demanded great effort and ingenuity from many people. It required close coordination across the executive branch, the regulatory agencies, Congress, and the private sector. Working with key decisionmakers at the board and throughout the government, Mr. Alvarez played an important role in developing and articulating the legal dimensions to virtually every initiative taken by the Federal Reserve to address the crisis. Mr. Alvarez also worked closely with Congress during consideration of the Dodd-Frank Wall Street Reform and Consumer Protection Act and played a crucial role in implementing rulemakings required of the Federal Reserve by Dodd-Frank. I am particularly grateful for the work he did to implement strong rules to increase the capital and leverage requirements for the Nation's largest banks--a necessary and critical step after the crisis--and the work that he did with my office in making one of the first substantive amendments to Dodd-Frank related to capital standards for insurance companies.…”