Hon. Michael G. Oxley: “Just in closing, let me say, this is indeed I think a classic example of how the legislative process ought to work…”

“Just in closing, let me say, this is indeed I think a classic example of how the legislative process ought to work around here. This was an interesting exercise because it was in this case the recognition that the technology was out there to make our banking system far more efficient instead of flying all of these checks all around. Unfortunately, it was the terrible incident of 9-11 that really made us realize how fragile that system is and how we can change it for the better. I had an opportunity to visit NCR, one of our fine Ohio corporations, a couple of years ago to actually see that technology and see how it could work; and that became really the germ behind the bill that we have before us today. It was some of the newer Members, the gentlewoman from Pennsylvania (Ms. Hart) and the gentleman from Tennessee (Mr. Ford), who really took the bull by the horns and moved this legislation through. I owe a great deal of thanks to them for their hard work and tenacity in putting this bill together.”