Jack Reed: “I want to begin by stating how important I think it is to pass financial service modernization legislation as quickly as…”

“I want to begin by stating how important I think it is to pass financial service modernization legislation as quickly as possible. The existing legal framework has become an anachronism over the last several years--in fact, even the last decade or so. The industry has responded to changes in this market faster than the law has responded. It is our obligation to ensure that we have appropriate legal standards, so that our financial services industry can be competitive in a worldwide market, which is highly dynamic, and which requires more flexibility and more responsiveness than is inherent in the current system, which began under Glass-Steagall more than 60 years ago. So I am a strong proponent of financial modernization.”