![]() ![]() ![]() Thirdly, it forestalls the mixing of commerce and banking - in fact, plugs the loophole that allows some commerce and banking in this country. And it increases our competitive ability to compete abroad in our financial services industry. Seminally, it has four key components from my perspective: One, this bill has the strongest privacy provisions ever enacted into statute. President, Secretary Summers, colleagues in the House let me just say, this is a bill that's bipartisan, bicameral, bi - in fact, tri-institutional, with officials of the legislative, executive, as well as the independent regulatory branches of government working well together. And I am awfully proud to have been part of making it a reality. ![]() I believe that that is the wave of the future. I am proud to be here because this is an important bill. We have learned that we promote economic growth, and we promote stability, by having competition and freedom. We have learned that freedom and competition are the answers. We are here today to repeal Glass-Steagall because we have learned that government is not the answer. It was believed that stability and growth came from government overriding the functioning of free markets. ![]() In the 1930s, at the trough of the Depression, when Glass-Steagall became law, it was believed that government was the answer. Lincoln used to like to use the analogy that old and outmoded laws needed to be changed because it made about as much sense to continue to impose them on people as it did to ask a man to wear the same clothes he did when he was a child. The world changes, and Congress and the laws have to change with it. Let me pass the podium first to Senator Gramm. Today we will hear first from the four members of Congress whose leadership was so central to the passage of this bill, in this speaking order: Chairman Gramm, Chairman Leach, Ranking Member LaFalce, and Ranking Member Sarbanes. Treasury colleagues - Deputy Secretary Eizenstat, Gary Gansler (sp), Greg Bear (sp), Rick Carnell, Linda Robertson (sp), Marty Levine (sp), and Michael Bar (sp) for everything that they have done Gene Sperling and Sarah Rosen and their colleagues at the National Economic Council for everything that they have done in bringing us to this point. And I want to thank especially my predecessor, Bob Rubin, who cared deeply that we get this bill right, and finally, my many Seidman (sp) and the OTS - for all that they have contributed to bringing us to this point. I want especially to thank the members of Congress who played so crucial a role in passing this legislation, thank the key regulators and the agencies they represent - Chairman Greenspan and the Federal Reserve, Chairman Levitt and the SEC, Comptroller Hawke and the OCC, Ms. With their help, I believe we have all found the right framework for America's future financial system. This is the culmination of years of effort by many, many people, reflects the work of presidents, Treasury officials, members of Congress, those in the private sector, from both parties, and dedicated professionals, both inside and outside the government. With this bill, the American financial system takes a major step forward towards the 21st century, one that will benefit American consumers, business, and the national economy for many years to come. SUMMERS: Let me welcome you all here today for the signing of this historic legislation. ![]()
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