Political Quotes

“today's financial services marketplace is an increasingly complex web of interconnecting products and service providers. In the 1990's, consumers are going to their bank not just to deposit money in a traditional passbook savings account, but also, increasingly, to purchase insurance products. They visit their insurance broker not only for simple, term life insurance, but also for insurance products that include a long-term investment component. Consumers are no longer content with the choices of the past, but are demanding more advanced financial products and often want the convenience of ``one stop shopping.'' At the same time, financial institutions are consolidating at an increasing rate--banks are merging with other banks and insurance and securities dealers are combining forces--leading to new types of financial entities. These changes are enhancing the success of U.S. financial markets. They stimulate the economy and provide consumers with more savings and investment options. Unfortunately, the Depression era laws that regulate our financial markets have not kept pace with these market forces, leaving American consumers faced with a ``catch 22''. Consumers have access to more advanced, enhanced financial products, but are not adequately protected from fraud and abuse by the laws that currently regulate their financial investments and savings.”