John Sarbanes: “I think the Financial Services Act of 1998, which has been brought out of the Senate Banking Committee, is a carefully…”

“I think the Financial Services Act of 1998, which has been brought out of the Senate Banking Committee, is a carefully balanced piece of legislation. It would finally respond to an issue we have been wrestling with for years and years. I say to the chairman of the committee, we have been dealing with this issue for a very, very long time, and finally we have brought it to the point where we have an opportunity, I think, to put into law important legislation for the operation of the financial services industry. This legislation would permit banks to affiliate with securities firms and insurance companies within a financial holding company structure, regulated by the Federal Reserve.”