U.S. Rep. Blaine Luetkemeyer (MO-03) issued the following statement after a bipartisan vote in the House of Representatives that sends the Systemic Risk Designation Improvement Act to the Senate for consideration.

“Today, the House passed legislation that would protect U.S. taxpayers from actual risk posed to the financial system. Decisions on what institutions are deemed systemically important should be based not on size alone, but also on activity and other factors that actually demonstrate systemic risk,” Luetkemeyer said. “The bottom line is that the current SIFI designation process is arbitrary and subjects banks with $50 billion or more in assets to the same standards as trillion dollar global SIFIs. This should not be a one-size-fits-all mold. My bill will ensure the Financial Stability Oversight Council will use an indicator-based approach that restores transparency and financial security to the system, and creates financial independence and upward mobility for American consumers. I want to thank my colleagues in the House of Representatives for their strong support of this bill. I look forward to working with the incoming Administration, the new Congress, and key stakeholders in finding ways to hold regulators accountable and take another step to reform our broken financial regulatory system.”