On the recordJanuary 7, 2015
As we come to begin this new opportunity of service to the American people, clearly we want to emphasize to them that we take this responsibility seriously and, as well, that we know that we represent our constituents. These are districts that are between thousands of people that are in our congressional districts, but we realize that the broader sense of what we do is to represent our Nation and the values and needs of the American people. Over the last 2 days, as we begin this legislative process, I have been concerned about two issues in particular that I believe do not, if you will, provide for the overall sensitivity to the American people. We were discussing a major financial services bill that will be coming up. Many elements are in this bill, but I want our constituents and, more importantly, our colleagues to realize that you have a bill that will diminish what we call the Volcker rule. What that is is a protection to make sure if banks want to dibble and dabble in risky ventures or risky investments, that they do so with the money that is private and separate from money that is protected by the FDIC. That is your savings accounts. That is the money you socked away. In the instance of this legislation, they want to take that protection away so that banks can dibble and dabble in accounts that are protected by the FDIC, meaning that you pay for mistakes; you pay for collapse; you pay for the wrong decisions that are made; and you lose.…
