|FOR IMMEDIATE RELEASE:||CONTACT: CHRISTI HARLAN|
|Wednesday, March 3, 1999||202-224-0894|
STATEMENT OF CHAIRMAN GRAMM ON IMPENDING MARKUP
OF FINANCIAL SERVICES MODERNIZATION ACT OF 1999
"I am pleased to announce that insurance agents have joined other members of the financial services industry in supporting our legislation, and we move to markup with broad-based support.
"I am excited about moving ahead with the bill. Our legislation is clear. You can read every sentence and every word and know what it means. I believe it will be adopted by the full Senate this year.
"I also believe that financial services modernization is of such overriding importance to the national economy that President Clinton will be compelled to sign it.
"The president continues to avoid the key issue with regard to the Community Reinvestment Act. The legislation will not weaken CRA: it will restore its integrity. Community groups or anyone who has complaints based on facts can protest a proposed bank action. This is not a weakening of CRA, and it is certainly not a repeal.
"I am puzzled by the president's assertion that the bill could expand affiliations between depository institutions and non-financial firms. Nothing in this bill would do what he suggests. Our bill contains provisions to stop the new affiliations that are occurring every day with the approval of President Clinton's appointees.
"I would expect that for the good of our nation and for the strength of our financial institutions, President Clinton will sign this legislation."