Sean Duffy: “I thank the chairman for yielding. Mr. Speaker, I would just note that the Orderly Liquidation Authority is an authority…”

“I thank the chairman for yielding. Mr. Speaker, I would just note that the Orderly Liquidation Authority is an authority to bail out big banks, consistent with the bailout that the ranking member voted for in, I believe, 2008, that the chairman, I believe, voted against. When we talk about those who use rhetoric to say they don't support big banks, but then actually vote for them, I think that is a hard note to take. But I rise today to support H.R. 4545, the Financial Institutions Examination Fairness and Reform Act, a bipartisan measure introduced by Mr. Tipton. This bill would amend the Federal Financial Institutions Examination Council Act of 1978, a long time ago, by updating the definition of financial institutions, establishing new requirements for the final examination report process, and creating an office of independent examination review, giving some independence here, some common sense. These updates are critical because, in 1994, Congress directed Federal regulators to establish an independent intra-agency appellate process for institutions to seek the review of examination ratings, adequacy of loan loss reserve, and clarifications on loans. I agree that these entities should be reviewed to ensure that they are financially sound. We want to make sure that we prevent failure so we don't have folks across the aisle voting for bailouts.…”