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Luetkemeyer Applauds Progress, Urges Additional Action on Tailoring Regs

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Washington, November 14, 2018 | comments

Today the House Financial Services Committee welcomed Federal Reserve Vice Chair for Supervision Randal Quarles to testify. Financial Institutions and Consumer Credit Subcommittee Chairman Blaine Luetkemeyer (MO-03) delivered the following opening statement:

Welcome Vice Chairman Quarles, thank you for joining us today and for the steps you’ve taken to right-size regulation. 

As we’ve discussed, it’s imperative we take a more practical approach to supervision, one that extends from the top down to each member of your staff in D.C. and to every examiner in the field.

On the topic of enhanced prudential standards, the Federal Reserve had a strong system in place with the systemic risk indicator scores.  Your latest proposal goes in a different direction, but I’m glad to see you taking a more risk-based approach to regulation. 

More should be done, and I encourage you to remain flexible going forward; to revisit arbitrary thresholds and drive Federal Reserve supervision to an even more risk-based approach taken on an institution-by-institution basis.  That should include tailoring for U.S. intermediate holding companies of foreign banks, and more accommodations for smaller institutions that do not pose any systemic risk.

I thank you for taking on this responsibility and yield back to the Chair.


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