Political Quotes

“On Tuesday, the Rules Committee met and reported a rule for H.R. 3340, the FSOC Reform Act, and for H.R. 3791, the Raising Consolidated Assets Threshold Under Small Bank Holding Company Policy Statement. House Resolution 671 provides structured rules for both bills. The resolution provides each bill 1 hour of debate that is equally divided between the chair and the ranking member of the Financial Services Committee. Additionally, the resolution provides for the consideration of one amendment to each bill. Mr. Speaker, I rise in support of the resolution and the underlying legislation. The Dodd-Frank Act created the Financial Stability Oversight Council, which is dedicated to identifying threats to the stability of the American financial system. The FSOC is supported in this mission by the Office of Financial Research, which was also created by Dodd-Frank. The OFR is armed with subpoena power to compel vast amounts of nonpublic, sensitive information from institutions across the financial system. The OFR feeds this data to the FSOC, which is empowered to designate banks, as well as nonbank institutions, as ``systemically important financial institutions,'' or SIFIs. This designation significantly increases the regulatory burdens that are faced by these institutions, and they have far-reaching effects on the entire financial system.…”