Congressman Gregory W. Meeks Statement on Congressman Paul Ryan's Budget Plan

(WASHINGTON, DC)– Congressman Gregory W. Meeks (D-NY), a senior member of the House Financial Services Committee, released the following statement on Congressman Paul Ryan’s Budget Plan, which would eviscerate the FDIC’s resolution power:

“Congressman Paul Ryan’s budget introduces a reckless and negligent plan to eliminate resolution authority from the FDIC. In simple terms, this is another example of a Republican plan designed to repeat bailouts of failing firms rather than shutting them down.

“During Dodd-Frank, I co-authored an amendment to require regulators to conduct stress tests of financial institutions, and to make those results public, arming investors with vital information. My amendment, along with Congressman Gutierrez’s amendment on living wills, which are both the law of the land, are at the heart of identifying and eliminating systemic risk from the marketplace. The Ryan Plan seeks to achieve the opposite. His plan would not only perpetuate ‘Too Big to Fail,’ it would eliminate transparency, while reducing information available to investors in the equity and debt markets. As such, it would undermine the integrity of our financial system and erode consumer confidence in America’s financial industry.”