Hon. Michael G. Oxley: “I want to talk about what the brave new world of financial services marketplace is going to look like and what it is…”

“I want to talk about what the brave new world of financial services marketplace is going to look like and what it is going to look like realistically as opposed to some of the scare stories my colleagues are going to hear from the gentleman from Massachusetts (Mr. Markey). Basically, it means more choice of services and products, varied for the consumer, the joint ventures and, yes, the responsible sharing of consumer information taking place in the market today. The reality is, the integrated products and services today's consumer expects from his or her financial institutions require information sharing, especially among affiliates. After all, in the eyes of the consumer, what are affiliates other than different departments of the same company that they are dealing with. One can bet, for example, that if a consumer in Ohio, for example, has a relationship with bank one and is applying for a preapproved mortgage loan, he expects them to know when he calls that he has a savings account, a checking account, a car loan, and a CD with them. The last thing he wants is more government regulation and more forms to fill out when he is dealing with his own company. The amendment I offer today with the gentlewoman from Ohio (Ms. Pryce) and the gentlewoman from New Jersey (Mrs. Roukema) takes a more realistic, more free market, more consumer friendly approach to the issue of privacy.”