Rand Paul: “I rise in opposition to the Chairman's amendment and in strong support of the amendment of the gentlewoman from New…”

“I rise in opposition to the Chairman's amendment and in strong support of the amendment of the gentlewoman from New Jersey. There are two positions that one could take on this. We could have zero integration, which this amendment would do; or we could think about the market. The market would just allow it to exist. Earlier, somebody quoted Hamilton as being opposed to an integration of commerce in banking. Well, of course, at that particular time in history we had the Jeffersonians, and they were strongly in support of the market and even against central banking. So I think, considering all things, that I cannot get my 100 percent, and we certainly do not want zero. We need to move in a direction, so I would say this very modest request is very justified. I think this FDIC insurance is something we should be concerned about, but that is a different issue for the moment. I object to that, but I do not believe this will solve the FDIC problem. We have to think about how we got here. In the 1920s, the Federal Reserve created a lot of credit. They created a boom and a booming stock market and good times. Then the Federal Reserve raised the interest rates and there was a stock market crash and a depression. And out of the depression came the desire to regulate banking and commerce.”