James A. Leach: “I appreciate this. And let me say that the brunt of this bill is a wonderfully thoughtful approach, and I congratulate…”

“I appreciate this. And let me say that the brunt of this bill is a wonderfully thoughtful approach, and I congratulate the gentleman and the gentlewoman from New York (Mrs. Kelly) on this. I would only come back to the one provision which I would like to have changed, and that is the industrial loan corporation provision, and to point out to this body that only a handful of States are authorized, such as the State of Utah, to have industrial loan corporations. They are not trivial institutions. In the State of Utah, for example, their assets are double that of banks, S&Ls and credit unions combined. If this bill passes with this provision and becomes law, the vast majority of States will see deposits swept from their States to this handful of States. That alone is a philosophical circumstance that in my mind should lead people to raise serious doubts about this particular provision of this particular bill.”