Political Quotes

“Mr. Speaker, I yield myself such time as I may consume. In 2008, our economy suffered one of the most significant financial crises in history. In the midst of the crisis and in response to a fear that some financial firms' failures could cause severe harm to the overall economy, the Federal Government provided extraordinary taxpayer-funded assistance in order to prevent certain financial firms' failures. In the ensuing years, experts from the financial, regulatory, legal, and academic communities examined how best to prevent another similar crisis from occurring and how to eliminate the possibility of using taxpayer moneys to bail out failing firms. The Judiciary Committee has advanced the review of this issue with the aim of crafting a solution that will better equip our bankruptcy laws to resolve failing firms while also encouraging greater private counterparty diligence in order to reduce the likelihood of another financial crisis. Among other things, this responded to provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act, which called for an examination of how to improve the Bankruptcy Code in this area. Last Congress, after three hearings, the Judiciary Committee favorably reported the Financial Institution Bankruptcy Act, which is legislation that improved the Bankruptcy Code to better facilitate the resolution of a financial firm.…”