Political Quotes

“I thank the chairman for the time. I want to thank the gentleman from Minnesota (Mr. Emmer) for putting forth a piece of legislation that will shine the light of day on some of Dodd- Frank's most secretive creations. We often hear our friends from the other side of the aisle and regulators talking about their concerns over the so-called shadow banking system. The FSOC and its members have used this sinister term on multiple occasions to strike fear in the hearts of the public in order to advance, basically, their growth-strangling regulatory regime. But the real threat is not from shadow banking. The real threat comes from the shadow regulatory system that basically operates outside of our system of checks and balances with absolutely no accountability to the public and with little or no input from the Congress to conduct our proper oversight. You see, the FSOC and the OFR are the embodiment of this shadow system. For years now, the FSOC has continuously denied our committee's simple request for some information about how it operates and about its proceedings. Really, all we know about these meetings are a few sentences that it drops into their press releases. Meanwhile, even though the OFR embarrassed itself with its asset manager report that was issued back in 2013, that office basically still operates largely outside of the public eye. So it is time to shine the light of day on both of these bodies, Mr.…”