On the recordMay 13, 1998
This legislation is very complex and will dramatically affect both financial and nonfinancial companies in the way they do business in the future. There is little disagreement as to the need for reform, the problem is just how to go about it. I believe the package we have before us today, while not perfect, is an excellent step in the right direction and will significantly move this process forward. This legislation repeals the anti-affiliation provisions of the Glass-Steagall Act that have kept various financial industries from affiliating with one another for the last 65 years. While this restriction may have been a good idea in the 1930's, the landscape has so significantly changed since that time that maintaining such a limitation no longer makes sense. With an increasingly global marketplace, and consolidation within the industry, the need for this regulation legislation is abundantly clear.
Source
govinfo.gov
