U.S. Rep. Blaine Luetkemeyer (MO-03) issued the following statement after the House of Representatives passed his legislation, H.R. 3312, the Systemic Risk Designation Improvement Act.

“Under the current regulatory framework for the designation of systemically important financial institutions, or SIFIs, risk is determined based solely on an institution’s size. This approach fails to take into account many differences in business models or risks posed to the financial system. My legislation will remove the arbitrary approach taken and replace it with an analysis of the actual risk presented by a bank holding company to the financial system. It is time to take a pragmatic approach to the SIFI designation process and focus the Federal government’s resources on legitimate threats to the U.S. financial system. I thank my colleagues for their bipartisan support of this important legislation and urge the Senate to move it quickly to the President’s desk to be signed into law.”