April 29, 1998

The Honorable John A. Boehner
Chairman
House Republican Conference
1011 Longworth House Office Building
Washington, D.C. 20515

Dear John:

We are pleased to present you with the final version of the enclosed negotiated language for H.R. 10, the Financial Services Act. With your support, and assuming no other significant changes to H.R. 10, we believe that these provisions, if contained in the managers' amendment, will gain us the necessary support to pass financial services reform on the House floor next week.

Congress has been trying to repeal the Glass-Steagall Act for more than 20 years. Too often, the short-term interests of one or more groups has prevailed and long-term reform and competitiveness have been sacrificed. American consumers deserve better, and American business needs better.

We have reached agreement on a package that we believe is fair to all industries and serves the public interest. It will create a modernized financial system with strong consumer protections to allow our country to be financially competitive into the next century. Combining the package that we have negotiated with H.R. 10 as presently drafted will enable Democrats and Republicans to join together in bipartisan support of necessary financial modernization.

We look forward to joining your efforts in bringing a new financial modernization package to the House Floor and securing its enactment.

Sincerely,

TOM BLILEY
CHAIRMAN

JOHN D. DINGELL
RANKING MEMBER

Enclosures (Summary/Amendment)

cc: Members, Committee on Commerce

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