[Congressional Record Volume 164, Number 52 (Monday, March 26, 2018)]
[Extensions of Remarks]
[Page E371]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                        OPPOSITION TO H.R. 4296

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                            HON. JARED POLIS

                              of colorado

                    in the house of representatives

                         Monday, March 26, 2018

  Mr. POLIS. Mr. Speaker, H.R. 4296, a bill that restricts how federal 
financial regulators determine the amount of operational risk capital 
large banks are required to hold. Operational risk standards were put 
in place after the financial crisis of 2008 and currently apply to the 
largest financial firms in the country. These capital requirements are 
designed to ensure that large financial institutions have enough money 
on-hand to protect consumers and taxpayers, avoiding another taxpayer 
funded bank bailout. At the time H.R. 4296 was brought to the floor, I 
voted in favor of passage. However, this was a mistake and I would like 
to reflect that I do not support this legislation.
  The Dodd-Frank Wall Street Reform and Consumer Protection Act was 
passed to ensure that the American taxpayers will not have to pay for 
another Wall Street bailout. I am a proud co-author and supporter of 
the Dodd-Frank Act and continue to believe that it is critical to 
protect our nation's financial stability. Dodd-Frank put in place 
financial regulations that protect the broader economy by mitigating 
risk of large financial firms. Further, it enacted much needed consumer 
protections to make financial products offered to consumers safer and 
easier to understand. Significant changes to Dodd-Frank could undermine 
the stability of the economy and our financial services sector and 
increase the likelihood that predatory lenders will return to prey on 
vulnerable consumers.

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