Political Quotes

“I thank Chairman Goodlatte, Ranking Member Conyers, and my current new ranking member, Mr. Cicilline, for their work on this important legislation. I further thank my colleague across the aisle, Congressman Schneider from Illinois, for helping us manage this. This is a bipartisan bill that is better for having gone through the regular legislative order. It was a pleasure to work with such knowledgeable and professional colleagues. In the wake of the financial crisis of 2008, Congress enacted the Dodd-Frank Wall Street Reform and Consumer Protection Act. That legislation was intended to address, among other things, the potential failure of large financial institutions. While the Dodd-Frank Act created a regulatory process for such an event, the act states that the preferred method of resolution for a financial institution is through the bankruptcy process. However, the Dodd-Frank Act did not make any amendments to the Bankruptcy Code to account for the unique characteristics of a financial institution. The legislation before us today fills that void. The Financial Institution Bankruptcy Act is the product of years of study by industry, legal, and financial regulatory experts. It is also the result of bipartisan review over the course of four separate hearings before the Judiciary Committee. The legislation includes several provisions that improve the ability of a financial institution to be resolved through the bankruptcy process.…”