Barney Frank: “Mr. Chairman, I support this legislation. It is a very useful synthesis of several important elements. It merges the two…”

“Mr. Chairman, I support this legislation. It is a very useful synthesis of several important elements. It merges the two bank funds. We have had two bank funds because we previously had a separate thrift and commercial system that was undone by earlier events. We deal here to some extent with the complication of newer entities now coming into the system as a result of the previous legislation we adopted repealing the old restrictions on banking. There is one particular point I want to stress, that is, that an amendment that is included in this, and I thank the gentleman from Alabama (Mr. Bachus) and the chairman of the committee, the gentleman from Ohio (Mr. Oxley), for agreeing to this, cosponsored, when we last debated this bill last year when it passed in our body and did not go further, sponsored by our colleague, the gentlewoman from California (Ms. Waters). Years ago, two Members, two former Members, a Member from Pennsylvania named Ridge and a Member from New York named Flake, sponsored a bill to get low-income people who are outside the banking system into the banking system. The bankers of America should recognize this for what it is, a great compliment, a tribute to the role that a banking system plays in enhancing the ability of consumers to manage their lives well. We have people who are victimized by unscrupulous lending practices.”