James A. Leach: “Mr. Speaker, let me just stress that no one knows at this time either in America or worldwide if this is not the most…”

“Mr. Speaker, let me just stress that no one knows at this time either in America or worldwide if this is not the most exaggerated or the most understated issue in the history of the American or world economy. On the other hand, what this bill does is move in the direction of trying to deal with some potential problems which may arise, and in this regard, I would like to express particular thanks to the extraordinary leadership of the gentleman from Virginia (Mr. Davis) and the gentleman from Virginia (Mr. Goodlatte) and the constructive involvement of my good friend, the gentleman from Virginia (Mr. Moran). Mr. Speaker, I would like to submit additional comments on one very subtle aspect of this particular bill. These comments relate to Section 4(h) of the Senate amendment. A June 23, 1999, letter from four federal financial regulatory agencies--the Federal Reserve Board, the Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of the Currency (OCC), and the Office of Thrift Supervision (OTS)--warned that in their view, Section 4(h) was 'drafted so broadly that it could lead to significant unintended consequences having the potential to adversely affect the safety and soundness of the banking system and the national economy.'”