[Congressional Record Volume 146, Number 75 (Thursday, June 15, 2000)]
[Extensions of Remarks]
[Page E1026]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




PROVIDING FOR CONSIDERATION OF S. 761, ELECTRONIC SIGNATURES IN GLOBAL 
                       AND NATIONAL COMMERCE ACT

                                 ______
                                 

                               speech of

                           HON. NANCY PELOSI

                             of california

                    in the house of representatives

                        Wednesday, June 14, 2000

  Ms. PELOSI. Mr. Speaker, I rise in strong support of the conference 
report to the Electronic Signatures in Commerce Act.
  This legislation will revolutionize how financial services are 
provided by allowing business transactions to be started and finished 
on-line; bringing together technology and the economy.
  In addition, S. 761 increases the efficiency and ease of conducting 
financial business.
  Imagine applying for a home mortgage or a car loan on-line. S. 761 
not only eliminates unnecessary paperwork, it will save consumers time 
when they are applying for loans, insurance policies, and other 
financial services. No more waiting in line, no more being put on hold 
on the telephone, and no more waiting for applications to be mailed to 
you. Just the push of a computer key and consumers are able to complete 
and mail their applications to their financial institutions.
  Due to State restrictions, only 1 percent of all mortgage and 
insurance transactions nationwide occur on-line. By removing these 
restrictions and allowing consumers to sign contracts on-line through 
an electronic signature, we can increase the number of automated 
transactions and reduce the heavy clerical and storage costs of paper 
files.
  I am pleased that language was added to S. 761 which established 
``consumer consent'' provisions requiring that consumers be given a 
choice as to whether they want to receive legal notices and records 
electronically or in writing. In order to prevent fraud, consumers 
would also have to grant or confirm their consent electronically before 
they would be allowed to receive electronic notices and records.
  More Americans than ever before are relying on the Internet to 
conduct business transactions and manage their personal finances. S. 
761 will play a vital role in e-commerce and in helping the United 
States to maintain its role as a technology leader in the global 
economy.
  I urge my colleagues to vote ``yes'' on final passage of S. 761.

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