Political Quotes

“I will regrettably vote ``no'' on S. 2155. It is regrettable because I believe our local banks and credit unions are struggling under the weight of regulations. I believe that we have bank rules that need fixing. I wanted to support a bill that would do so. But I cannot vote ``yes'' for two reasons. First, this bill cannot release the pressure small banks are under because it does not address the single biggest cause. Every bank and credit union I have met with cites one regulatory burden as paramount, and that is the Bank Secrecy Act, CTRs, anti-money laundering. And what does this bill have? Not one section, not one sentence, not one word. Secondly, this bill makes changes I believe could set us back. It has been cited; the increase of SIFI designation from $50 billion to $250 billion is a large step down a dangerous road. The insurance provision, on the other hand, also goes against my goal of returning power to State regulators, who provide the greatest consumer protection. If my colleagues had been allowed any input, I think we could have accomplished the goal. But this bill doesn't solve the problem it aims for and may create new ones. Accordingly, I cannot support it. I ask Members, as well, to oppose it.”