Bruce F. Vento: “H.R. 350 is misguided legislation that could delay and handcuff this Body to prevent the passage of sound policy and…”

“H.R. 350 is misguided legislation that could delay and handcuff this Body to prevent the passage of sound policy and laws. H.R. 350 ignores history and dooms Congressional ability to respond to a crisis. Many of my Colleagues have only served during the good economic times of the Clinton recovery and were not here for the tough periods of the Reagan recession. If more of you had been here during those times, perhaps this ill-conceived legislation would not be scheduled to accelerated consideration. While some tout the virtues of private profits over government regulations, I urge the members to consider the S&L crisis and the impact that this legislation would have had on such matter. As Members may recall, this too was an era that placed profits ahead of sound regulation. In an atmosphere of anything goes, risky investments and profit driven decisions led high flying thrifts across the country to risk everything at the altar of profit. That philosophy led to inevitable failures that cost the American taxpayer over $150 billion to maintain the promise of savings deposit insurance.”