I understand that, but are you concerned that in the absence of comparable European regulation that we have the opportunity for regulatory arbitrage across borders?
Thank you very much, Mr. Chairman, for giving me the opportunity in particular to welcome Mr. Thomas Deas.
The clear implication is that more time to study the impact of this provision is definitely warranted.
Such an important change did not receive the thoughtful and thorough consideration in Congress it deserved.
We urge quick action to enact this important piece of legislation.
I think that would be a very, very misguided approach.
For this to happen, though, and I repeat again and again, the SEC needs the resources to do their job effectively.
The Dodd-Frank Act has gone a long way to addressing, I think, some of the issues that caused the financial crisis.
The long-term consequences of this settlement could be even more serious. It would politicize our financial system.
I warned that the new Bureau of Consumer Financial Protection would prove to be an unaccountable and unbridled bureaucracy.
The proposed settlement appears to be an attempt to advance the Administration's political agenda rather than an effort to help homeowners.