On the recordJuly 7, 2016
I thank the gentleman for bringing this amendment before us, and I urge everyone to support it. Mr. Chair, FSOC is there to mitigate risk, not to just go around looking for people to designate. In our underlying bill, we say that, before you can designate a nonbank, you have to give it the right to cure whatever the problem is. This takes it one step further in asking: Why do we designate nonbanks as significantly important financial institutions? We ought to focus on where the focus ought to be and just leave the nonbanks out of this. I urge the support of this amendment.
