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Washington, D.C. – House Majority Leader Kevin McCarthy (CA-23) released the following statement on House passage of H.R. 6392, the Systemic Risk Designation Improvement Act:

“When it comes to Dodd-Frank, there are too many problems to count. This law has failed to protect the American people and has instead spun a web of red tape that either doesn’t make sense or increases the burden on small lenders our communities rely on. The current threshold on bank holding companies is a prime example of the arbitrariness of this law. The Federal Reserve Board should impose higher standards on bank holding companies when they have higher risks, not just when they have more capital. This bill fixes one of the many overreaching errors in Dodd-Frank so we can actually  protect the American people from future financial crises.”