Doug Bereuter: “today marks a positive and long sought milestone along the long journey to financial modernization. I commend the…”

“today marks a positive and long sought milestone along the long journey to financial modernization. I commend the chairman and the ranking member, the gentleman from New York (Mr. LaFalce) and the Committee on Commerce leadership also for their involvement and cooperation. This bill is necessary to keep the United States in its preeminent position in the world's financial marketplace. There are a number of reasons to support. I am going to list just a few: H.R. 10 illustrates that a Federal statutory change in financial law is imperative. Second, this measure will allow financial companies to offer a diverse number of financial products to their consumers. Third, this bill will have a distinct positive effect on consumers. Fourth, the bill allows for no mixing of banking commerce through a commercial basket. Fifth, this measure will necessarily restrict unitary thrifts. Sixth, the bill will avoid the threat of presidential veto by placing the integrated financial activities in the operating subsidiary structure. Seventh, it balances the interests of a State in regulating insurance with that ability of a national bank to sell insurance. And Number 8, it strikes an equilibrium on the issue of securities. My colleagues, I urge strong support for this legislation. It is a long time coming. It is worth the effort.”