Wednesday, November 4, 2015
WASHINGTON, D.C. – Congressman Robert Hurt (R-Virginia) released the following statement after a Financial Services Committee hearing with Federal Reserve Chair Janet Yellen on the Federal Reserve's supervision and regulation of the financial system:
"The Dodd-Frank Act required the President to nominate – subject to Senate confirmation – a Vice-Chair of Supervision to serve on the Federal Reserve Board of Governors. Over the past five years, banks of all sizes – and particularly our community banks -- have struggled to deal with the extraordinary costs of increased bank supervision by the Federal Reserve. In light of the importance of implementing a balanced and tailored supervision regime that recognizes that one size does not fit all, it is remarkable that the President continues to fail to follow the law he championed and that the President continues to deprive the Congress of participating in the appointment of this important position."
Click on the image above or click here for video of Congressman Hurt questioning Chair Yellen on the Federal Reserve's Vice Chair of Supervision vacancy.