Political Quotes

“Mr. Chair, I would first like to thank Chairman Hensarling for introducing this important piece of legislation. The CHOICE Act replaces the orderly liquidation authority under title II of Dodd-Frank with a new bankruptcy procedure developed by the Committee on the Judiciary in the Financial Institution Bankruptcy Act. In 2008, our economy suffered one of the most significant financial crises in history. In the ensuing years, experts from the financial, regulatory, legal, and academic communities have examined how best to prevent another similar crisis from occurring and 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. The Financial Institution Bankruptcy Act is the culmination of a multiyear, bipartisan process that solicited and incorporated the views of a wide range of leading experts and relevant regulators. The CHOICE Act incorporates all of the provisions of the Financial Institution Bankruptcy Act, providing a balanced approach that increases transparency and predictability in the resolution of a financial firm. Furthermore, it ensures that shareholders and creditors--not taxpayers--bear the losses related to the failure of a financial company. Mr.…”