On the recordFebruary 27, 2018
Mr. Speaker, I yield myself 30 seconds. I point out to my friends on the other side of the aisle, there are over 20 different capital levels that are already applied to our banking organizations, including the Total Loss-Absorbing Capital, the TLAC. I would also point out, if my friends are so concerned about capital levels, maybe they should have supported the Financial CHOICE Act, which is a tradeoff between greater levels of capital and Washington micromanagement of our financial institutions. Last but not least, Chairman Powell of the Federal Reserve appeared before our committee just this morning to say safety and soundness considerations allow the Fed to, for all intents and purposes, impose any capital level they want to on our banking institutions, thus undercutting all the arguments we have heard from the other side of the aisle. Mr. Speaker, I yield 3 minutes to the gentleman from North Carolina (Mr. Pittenger), the vice chairman of the Financial Services Subcommittee on Terrorism and Illicit Finance.
