[Congressional Record Volume 144, Number 66 (Thursday, May 21, 1998)]
[Senate]
[Page S5344]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                     FINANCIAL SERVICES ACT OF 1998

 Mr. D'AMATO. Mr. President, today Senator Sarbanes, the 
distinguished Ranking Member on the Senate Banking Committee, and I 
have announced that we will hold hearings on June 17th to begin the 
process of Senate consideration of the Financial Services Act of 1998, 
recently passed by the House of Representatives.
  America is the financial leader of the world, and New York is the 
capital. But we cannot remain complacent. We must recognize that the 
world is changing and global competition is tougher than ever. We must 
meet this change head on. If we are to remain competitive and maintain 
our preeminent position in the marketplace, we must provide a climate 
that allows our financial system to be as efficient, and competitive as 
possible.
  Mr. President, simply put, financial modernization will provide 
consumers with more choices. Financial institutions will be able to 
provide even more diverse services. Insurance companies, securities 
firms, brokerage houses, local banks and other institutions will be 
allowed to compete fairly with one another. But we must remember that 
while expanding the freedom of every American to make their financial 
choices, we must not sacrifice the safety and soundness or place the 
taxpayers at risk.
  The issues surrounding financial modernization have in the past 
proven to contentious. Our hearing next month will allow an open and 
frank dialogue with the Administration, industry groups and 
consumers.

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