Political Quotes

“I have been for many years concerned about the sale of insurance products by our Nation's banks. Over the past 2 years, banks have dramatically expanded their insurance sales activities. This has occurred not as a result of sound policy choices made by the Congress but, rather, as a result of creative legal interpretations by Federal bank regulatory agencies. As a result of these interpretations, we have reached, in my view, the absurd point where we now have financial regulation by loophole. I believe Congress ought to put a halt to the further creation by the regulators of what has become a hodgepodge banking system. We ought to provide sound, coherent and consistent policy on the sale of insurance products by banks. Congress must meet the challenge posed by the D.C. Circuit court last July by enacting legislation clarifying congressional intent on insurance powers of national banks.”