I am also concerned about the FSOC's expansive authority to designate non-bank institutions as systemically important financial institutions (SIFI).

Transparency is a pillar of representational government.

I hope Chairman Hensarling and Chairman Neugebauer work towards a conservative bill that ends these subsidies and refocuses FHA on its core mission to serve first-time and low-income borrowers.

Fannie and Freddie systematically reduced underwriting standards to meet government regulatory requirements and to curry favor with the political class.

I want all Americans to enjoy the middle class. I want all Americans to have an opportunity to move into that middle class by building equity, the same way I did.

Every dollar that does not go there detracts from the ability to advance those cures.

How can we tell them that we did not get them the cure, but we are compliant with regulations?

the best place to start is by doing no harm.

A couple of years ago, Admiral Michael Mullen, at the time the Chairman of the Joint Chiefs of Staff, said that the greatest threat to our national security is our national debt.

What we are doing here today, which is oversight, is incredibly important for the industry, for our customers, and for our constituents.

Will that ultimately be borne by customers? Who is going to bear the brunt and the cost of compliance of the Volcker Rule?

strengthening our Nation's economy and getting Americans back to work remains our number one priority.

if businesses find it harder to borrow, it will be harder for them to make investments, to expand, and to hire workers.

According to the Small Business Administration, regulations cost our economy $1.8 trillion annually.

I think we need to be very careful as we impose new burdens, new regulations, and requirements upon them.

That elicits a negative response from almost 95 percent of the respondents in American companies from Krispy Kreme to Xerox to Coca-Cola.

Our economy is in the midst of the slowest economic recovery since World War II.

I agree with the Chamber of Commerce, where I was just speaking this morning as a matter of fact, and others, that believe that they may be engaged in--as someone called it--mission creep--crossing the threshold of audit regulation into an…

What the people do not need is their own government getting in the way of that economic recovery or the private sector job creation.

United States Steel has indicated the mandatory audit firm rotation will result in increased costs and inefficiencies.

So the dollars your Bureau spends are dollars not returned to the taxpayers. We just need to make certain that every dollar is accounted for and that every dollar is wisely spent. That is our obligation.

However, in this environment, with the deficit crisis and the kinds of fiscal restraints that we are under, no program can be immune from examination, especially where there are reports of waste and examples of fraud.

I believe the government has a role to play in encouraging homeownership, but this laudable goal has led to interference in the market, and now the taxpayers are writing checks to the tune of hundreds of billions of dollars.

There is no question that Fannie Mae and Freddie Mac must be weaned off the government in a responsible way that protects our economy but gets the American taxpayer out of the bailout business.

The system must be reformed, the system must be stabilized, American families protected, and the government be relegated back to its proper role.