Rep. Scott Garrett, (NJ-05) Chairman of the subcommittee on Capital Markets and Government-Sponsored Enterprises, delivered the following opening remarks at Financial Services Committee hearing entitled, "The Annual Report of the Financial Stability Oversight Council" featuring Treasury Secretary Jack Lew:
Congressman Scott Garrett's opening remarks as prepared for delivery:
Mr. Secretary, it's great to see you again. I understand you were a tough man to nail down to testify today -- I guess I would be too if my job was defending FSOC
So we're starting to get to that point in this Administration's tenure where people inevitably start to talk about the "legacy" it will leave behind
Unfortunately, when it comes to FSOC, the Obama Administration's legacy will be remembered as one of secrecy, obfuscation, and a continued refusal to answer questions or provide transparency to either Congress or the American public
Thankfully, it's not just us in the legislative branch that have taken notice
The recent court decision invalidating the designation of MetLife is a reminder to all of us we live in a system governed by the rule of law and not the rule of bureaucrats.
I hope the Treasury Secretary understands this as well, and I look forward to his answers before our Committee today