Opening Statements of Committee Members


Opening Statement of Senator Jim Bunning (R-KY)
Joint Hearing on Merchant Banking Regulations Pursuant to
the Gramm-Leach-Bliley Act of 1999

9:30 a.m., Tuesday, June 13, 2000


MR. CHAIRMEN, I WOULD LIKE TO THANK ALL OF OUR WITNESSES FOR TESTIFYING TODAY, AND THANK BOTH OF YOU FOR HOLDING THIS IMPORTANT HEARING.

MERCHANT BANKING IS AN ISSUE WE WRESTLED WITH FOR A LONG TIME AS WE WORKED ON LAST YEAR'S GRAMM-LEACH-BLILEY'S FINANCIAL MODERNIZATION BILL.

WHEN THE FED RELEASED THEIR PROPOSED REGULATIONS, MANY IN THE FINANCIAL INDUSTRY FELT THESE REGULATIONS RAN CONTRARY TO WHAT GRAMM-LEACH-BLILEY WAS INTENDED TO DO.

I AM SURE THAT THE FED AND TREASURY ARE AWARE OF THESE CONCERNS, AND IF THEY ARE NOT, THEY WILL BE BY THE END OF THIS HEARING.

I LOOK FORWARD TO HEARING FROM THE FED AND TREASURY. I WOULD LIKE TO KNOW HOW THEY REACT TO THESE CONCERNS. I HAVE HEARD FROM A GREAT MANY IN THE FINANCIAL SERVICES INDUSTRY WHO ARE ADAMANTLY OPPOSED TO THE NEW PROPOSED RULES. I WOULD LIKE TO KNOW HOW TREASURY AND THE FED RESPOND.

I ALSO LOOK FORWARD TO HEARING FROM OUR WITNESSES REPRESENTING THE FINANCIAL SERVICES INDUSTRY AND WHY THEY FEEL SO STRONGLY ABOUT THESE PROPOSED RULES.

ONCE AGAIN, I WOULD LIKE TO THANK ALL OF OUR WITNESSES WHO HAVE COME BEFORE US TODAY.

THANK YOU MR. CHAIRMAN.