Political Quotes

“Mr. Speaker, again, there are roughly two dozen different capital and liquidity levels that are applied to our banks. We are talking about, one, operational capital, and whether or not operational risk capital ought to be based on current risk. Now, I know my friend on the other side of the aisle always likes to wave the Wells Fargo flag. Wells Fargo needs to be held accountable. There needs to be justice for all who have been wronged. There have been roughly $142 million now paid in restitution. There have been over $200 million in fines paid. {time} 1700 The board of Wells Fargo has been replaced. The CEO was fired, and the Federal Reserve capped their growth, all under existing authorities. But under this motion to recommit, potentially, other financial institutions could be included. It is not the financial institution that counts, at the end of the day. It is capital that could be used to fund car loans. It is capital that could be used to fund homes. It is capital that could be used to fund the next Apple or the next Amazon. Instead, that capital would be put onto the sidelines. Again, we are talking about operational risk capital only and should it be calibrated for current risk or past risk. That is a completely different issue from ensuring that customers of Wells Fargo, who clearly have been wronged, receive justice and that Wells Fargo has been held accountable.…”