On the recordJuly 7, 2016
The harm that has occurred is from the Dodd- Frank legislation, and the harm that has occurred by the FSOC designations is twofold. One, the large one, is the fact that it has given a regulator the ability to put financial institutions and non-financial institutions and their problems on the backs of the American taxpayers, meaning that you and I and everybody who is listening to us may someday have to reach into their pockets and bail out, once again, Wall Street for its bad decisions. That should end now. Two, the even larger issue, is the failure of Dodd-Frank. In the legislation here, we are trying to fix the fact that it has had a debilitating effect on the overall economy. It has created disincentives in the marketplace, which is bad for the economy, and it is why we are having such a slow growth in the GDP, which translates into less job growth, fewer jobs for the American public, and fewer jobs for your neighbor and my neighbor as well. We need this legislation to fix it. Mr. Chair, I yield back the balance of my time.
