Systemic Risk Designation Improvement Act of 2016

Floor Speech

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Mr. HILL. Madam Speaker, I thank the chairman and congratulate him on this constructive bill.

This bill today is not about dangerous agendas, greed, signing bonuses, or wholesale exemptions of regulation for 27 big banks--not at all. This bill is about using common sense and taking off the autopilot that is in Dodd-Frank, which designates our SIFIs on size alone. In fact, it includes all the factors that should be considered for institutions that might present a systemic risk.

This is a bipartisan bill that has support on both sides of the aisle. Former Chairman Frank's comments have been read into the Record, but how about Governor Dan Tarullo: ``Resolution planning and the quite elaborate requirements of our supervisory stress testing process do not seem to me to be necessary for banks between $50 billion and $100 billion in assets.''

Tom Curry, our comptroller of the currency: ``The better approach is to use an asset figure as a first screen and give discretion to the supervisors based on the risks in the business plan and operations.''

And Senator Sherrod Brown, certainly a supporter of Dodd-Frank: ``I do agree that some banks above $50 billion should not be regulated like Wall Street megabanks.''

I support this bill.

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