Financial Services and General Government Appropriations Act, 2017

Floor Speech

BREAK IN TRANSCRIPT

Mr. CRENSHAW. 5485, and that I may include tabular material on the same.

BREAK IN TRANSCRIPT

Mr. CRENSHAW. Mr. Chairman, I thank the gentleman for yielding.

I rise in support of this, and thank the gentleman for bringing this before the House.

We have an administration that just loves to regulate. They love to regulate. They have rules for everything. They have no regard for the cost of the regulations. Small businesses, governments, and States are all hard pressed to do all this stuff. The administration tries to sidestep us by going through executive orders and Presidential memorandums.

All this amendment does is force the administration to seek congressional approval on the most significant of the new regulations.

It is a great amendment, and I urge all the Members to support it.

BREAK IN TRANSCRIPT

Mr. CRENSHAW. Mr. Chairman, pursuant to House Resolution 794, I offer amendments en bloc.

BREAK IN TRANSCRIPT

Mr. CRENSHAW. Mr. Chairman, the majority and the minority have agreed to these amendments en bloc. They are noncontroversial amendments that affect a variety of topics, such as whistleblower protection, property disposal, and reducing drug trafficking.

Additionally, the sponsors of the amendments have agreed to the consideration of these amendments en bloc.

I urge adoption of the amendment.

BREAK IN TRANSCRIPT

Mr. CRENSHAW. Mr. Chairman, I yield 30 seconds to the gentleman from Michigan (Mr. Walberg).

BREAK IN TRANSCRIPT

Mr. CRENSHAW. Mr. Chairman, I have no further speakers, and I yield back the balance of my time.

BREAK IN TRANSCRIPT

Mr. CRENSHAW. Will the gentleman yield?

BREAK IN TRANSCRIPT

Mr. CRENSHAW. Mr. Chairman, I want to thank the gentleman for bringing the amendment before us. This is a very good amendment. It keeps the SEC on track, it gets them focused on their core dual mission--investor protection and capital formation.

I urge a ``yes'' vote.

BREAK IN TRANSCRIPT

Mr. CRENSHAW. I thank the gentleman for bringing this amendment before us, and I urge everyone to support it.

Mr. Chair, FSOC is there to mitigate risk, not to just go around looking for people to designate. In our underlying bill, we say that, before you can designate a nonbank, you have to give it the right to cure whatever the problem is. This takes it one step further in asking: Why do we designate nonbanks as significantly important financial institutions?

We ought to focus on where the focus ought to be and just leave the nonbanks out of this.

I urge the support of this amendment.

BREAK IN TRANSCRIPT

Mr. CRENSHAW. I thank the gentleman for yielding and thank him for bringing this before the body.

Here is another example of the CFPB overregulating, trying to find a solution to a problem that doesn't exist. I support this amendment, and I urge a ``yes'' vote.

BREAK IN TRANSCRIPT

Source