[Weekly Compilation of Presidential Documents Volume 35, Number 44 (Monday, November 8, 1999)]
[Page 2260]
[Online from the Government Publishing Office, www.gpo.gov]

<R04>
Statement on Senate Action on Legislation To Reform the Nation's 
Financial System

November 4, 1999

    I am pleased by the overwhelming, bipartisan passage of historic 
financial services legislation by the Senate today. I hope the House 
will do the same shortly and send it to me for my signature.
    This legislation will help the American financial services system 
play a leading role in propelling our economy into the 21st century, 
continuing the longest peacetime economic expansion in our history. 
Eliminating barriers to financial services competition will allow 
American companies to better compete in the global economy. And 
consumers will benefit from greater choice of services at lower costs.
    By preserving the Community Reinvestment Act and protecting consumer 
privacy, we have ensured that all Americans will benefit from this 
historic legislation.
    Even after enactment, our work in the financial services area, 
particularly with respect to financial privacy and consumer protection, 
will continue. But today's action by the Senate is a historic step 
forward for our economy.