Sean Duffy: “I thank Chairman Luetkemeyer for all his hard work on what I think is an excellent bill. It is fascinating to sit in…”

“I thank Chairman Luetkemeyer for all his hard work on what I think is an excellent bill. It is fascinating to sit in this Chamber and listen to the debate and the fear-mongering that takes place. Before I get into that, let's just take a trip down memory lane. We have to look at the financial crisis and what the Democrats chose to do, the idea that you can't let any good crisis go to waste. There is a financial crisis, so we go to our file cabinets, we open them up, and every progressive, liberal idea we take out and put them into Dodd- Frank--a 2,300-page bill, a bill that was written before the Financial Crisis Inquiry Commission even came out with their report on the cause of the crisis. This is a very, very simple tweak. Right now we have designations for systemically risky banks at a set assets threshold of $50 billion. Let me tell you what, I have banks in Wisconsin. They are small, regional banks--not Wall Street banks--that are getting crushed by these new rules and regulations. So all we are saying to my friends across the aisle is: You love the regulators. You think that the regulators are awesome. We are trying to empower the regulators to look at the facts on the ground and to look at the interconnectedness and complexity to determine risk, not just have a one-size-fits-all mentality. It is not one size fits all. We are more complex. Banks are as different as people.…”