Bruce F. Vento: “I think this bill, frankly, for many of us simply reregulates rather than unregulates what is portrayed as being a…”

“I think this bill, frankly, for many of us simply reregulates rather than unregulates what is portrayed as being a modernization bill. It is grudging in a sense to the point of fencing in many activities and not being responsive to the market. It tries to superimpose on the market something that will not work that will continue to frustrate the efforts of financial institutions to respond to the market. The opposition from the Clinton administration is very strong. It is not about turf. It is not about committee jurisdiction. It is about trying to write laws that make common sense that respond to today's marketplace and let these capital flows move forward, which, in the end, serve all the vital purposes of our economy. National banks functioning under the 1862 bank law which created the national bank charter, have been a great success and has led to and provided the economic foundation for today's economy. This bill, frankly, reneges on that. Again, I would reiterate the importance of acting on the LaFalce-Vento amendment in the amendment process to safeguard and preserve the national bank charter.”