Political Quotes

“today I wish to speak about some specific provisions S. 2155. I was proud to be one of the original drafters of Dodd-Frank legislation. We didn't get everything right in that bill. With the benefit of 8 years of hindsight, we have been able to see what has worked and what hasn't. Most of what hasn't worked well has been the excessive burdens put on community banks. The bill the Senate considered today, one that I am a proud cosponsor of, the Economic Growth, Regulatory Relief, and Consumer Protection Act, does a lot of good for community banks and many regional banks by reducing some of the compliance costs these banks face, so that they may better compete and end the phenomenon of ``too small to survive.'' Since the crisis, however, what has worked best is increased capital requirements and an updated capital planning regime for medium and large-sized banks. Put simply, no amount of prudential regulation on products or business lines can substitute for requiring banks to keep robust capital cushions. Ensuring that banks hold significant loss absorbing, capital is the best protection we have against the failure of banks during a crisis. It is also the best tool we have to make sure that even in an economic downturn, banks still have the ability to lend to creditworthy borrowers, so that we can rebound quickly from a downturn. Critically, S.…”