Political Quotes

“Madam Speaker, I yield myself such time as I may consume. Madam Speaker, I rise today in very strong support of H.R. 4545, the Financial Institutions Examination Fairness and Reform Act. It is a strongly bipartisan bill, having come out of our committee by a vote of 50-10. It is authored by the gentleman from Colorado (Mr. Tipton), who serves as the vice chairman of our Subcommittee on Oversight and Investigations and is, indeed, one of the leaders in the House in bringing regulatory relief to our community financial institutions. I want to thank him for his leadership on this very, very important issue. H.R. 4545 creates transparency and accountability among regulators by improving the timeliness of examinations, while also creating a new more independent examination appeals process. {time} 1315 Madam Speaker, this is about, again, transparency. It is about due process. The Office of Independent Examination Review created under this bill will ensure accountability and fairness for financial institutions during their supervisory examinations. It does so by providing the right for these institutions to obtain an independent review of a material supervisory determination contained in a final examination report. The creation of this independent review process is particularly important for our Nation's community banks and credit unions that will now be able to appeal their examination decisions without fear of reprisal from their regulator.…”