Political Quotes

“Mr. Speaker, I yield myself as much time as I may consume. Mr. Speaker, today I rise in strong support of H.R. 3312, the Systemic Risk Designation Improvement Act of 2017. This very important piece of legislation was introduced by my friend, Mr. Luetkemeyer, who serves as chairman of the Financial Institutions and Consumer Credit Subcommittee of the Financial Services Committee, and is cosponsored by a bipartisan group of Members of the House. In fact, Mr. Speaker, the bill was approved in October by the Financial Services Committee with a very strong bipartisan vote of 47-12, so strong, Mr. Speaker, that even a majority of Democrats on the committee voted to support the bill. This bill reforms what Republicans and now many Democrats acknowledge is a flawed and arbitrary framework under the Dodd-Frank Act to designate so-called systemically important financial institutions, also known as SIFIs. In fact, one of those Democrats who acknowledges that it is a flawed and arbitrary framework is none other than former chairman of the House Financial Services Committee, Barney Frank, the very Frank of Dodd-Frank, the coauthor of the Dodd-Frank Act. He, himself, has said that this provision in the Dodd-Frank Act that many of us are trying to reform today is ``arbitrary'' and ``a mistake.'' Those are his words, Mr. Speaker, not mine.…”