Marcy Kaptur: “soon the House will have an opportunity to consider S. 900, what is entitled the Financial Modernization Conference…”

“soon the House will have an opportunity to consider S. 900, what is entitled the Financial Modernization Conference Report. This complicated and controversial legislation seeks to overhaul banking laws that have been in existence in our country since the Great Depression. These laws were dedicated to safety and soundness in the banking system of the United States. The laws that have been on the books for this entire century since the Great Depression have separated the activities of bankers, of the insurance industry, and of the securities and stock brokerage industries. Essentially, what this legislation attempts to do is to allow them to intermarry and to do business together. Now, I recently did a survey in my district, and I asked our constituents the following question: How would you describe your personal views of bank practices? Two-thirds stated that they disliked the changes that have been occurring in the banking system. They say the fees are not consistent with the services provided, services are declining, and most of our banks are no longer locally owned. If we think to the system that has been in place in this country that has permitted us to grow and to increase equity for America's families, the epitome of this system was the community bank. And in fact, the community banker became an active member of the local chamber of commerce in every neighborhood, in every city; and banking became equated with stability.…”