Rick Lazio: “While millionaires have been getting the best service at the best price, one-stop shopping is still not available to…”

“While millionaires have been getting the best service at the best price, one-stop shopping is still not available to working families. Financial modernization will give families greater choices where and how to invest their hard-earned savings. Make no mistake, the positive impact of this bill will stretch from Wall Street to Main Street to M Street, from the cradle to the wedding to retirement. This bill breaks the chains of Glass-Steagall that no longer serve the interests of American families without sweeping us away in the tide of economic euphoria. This bill sustains us as the caretakers of senior citizens' nest eggs and ensures that the life savings of working families are not lost in economic downturns. We, as legislators, do not know what financial products and services will be demanded by the public in the future, but we should break down barriers and encourage competition creating environments for more innovative products and better prices. A vibrant financial base is at the core of a healthy economy. Without this bill, ominous news is in store for some American financial institutions and thousands of their workers. We risk trapping some of them by barring them from competition. The United States should make its destiny. We should not stand on the sidelines while foreign banks take over America's oldest securities firms.”