Political Quotes

“Madam President, I enjoyed listening to the comments of my friend from Ohio. I think you guys are going to like the amendment I am getting ready to offer. Today I rise to offer an amendment to S. 2155--the Economic Growth, Regulatory Relief, and Consumer Protection Act--of which I am a cosponsor. My amendment is a simple correction that would clarify the intent of this original bill as it relates to custodial banks. As originally introduced, section 402 was intended to provide better tailored capital requirements for true custodial banks. However, there have been concerns raised that the current definition of this section, following revisions during the committee consideration, could open this provision to a wider group of financial institutions. I know that was not the intent of my colleagues, and this technical correction amendment makes clear that section 402 applies only when the primary focus of the banking organization is custodial activities. Section 402 is not intended to provide relief to an organization engaged in consumer banking, investment banking, or other businesses, and that also happens to have some custodial business or a banking subsidiary that engages in custodial activities. In conclusion, section 402 was intended as a very narrowly tailored provision, focused on true custodial banks. This technical correction amendment would clarify the scope of 402. I am requesting a vote and urge my colleagues to support adoption of this amendment. I yield the floor.…”