Ed Royce: “we can create a financial structure that provides lower costs, increased access, better services, and greater…”

“we can create a financial structure that provides lower costs, increased access, better services, and greater convenience to consumers. Every consumer in this country is connected in some way to the financial services industry. Nearly every economic transaction involves the exchange of money or the promise of a future exchange of money, meaning that every day every consumer feels the weight of an outdated and overburdened system of regulation in the form of higher costs. The legislation we are voting on today provides consumers with significant relief from these costs. Indeed, with the efficiencies that could be realized from increased competition among banking, securities and insurance providers under this legislation, the Treasury Department tells us that consumers will ultimately save as much as 5 percent, or $15 billion per year in the aggregate. As a member of the House Committee on Banking and Financial Services, I urge my colleagues to support this legislation.”