Political Quotes

“I want to thank Chairman Jeb Hensarling, Chairman Frank Lucas, and Chairman Scott Garrett for working with both Congressman David Scott and me to bring H.R. 1341 to the floor for consideration today. I am pleased that we are considering H.R. 1341, the Financial Competitive Act of 2013. Mr. Scott and I have worked in a bipartisan manner to move this measure forward to ensure America remains competitive in the global marketplace. We need folks around the world to know America is open for opportunity, advancement, and upward mobility. In this country, we promote opportunity, not unfair regulations that punish business and kill jobs here. I introduced the Financial Competitive Act with my friend Mr. Scott for one reason--to ensure the law of unintended consequences does not place America at a disadvantage globally. Our bill simply requires the Financial Stability Oversight Council to conduct a study of the impacts implementing the credit valuation adjustment capital requirement, or CVA, will have on the U.S. consumers, end users, and U.S. financial institutions. This study is in response to the recent Basel 3 Accord, which is a global regulatory standard for capital requirements for banks. Unfortunately, European Union Basel 3 regulators decided to exempt their own European banks from complying with certain provisions of Basel 3.…”