I am pleased to stand here today with my Republican and Democratic colleagues in support of H.R. 10, the financial services modernization bill, coupled with the Bliley-Dingell-Leach Managers Amendment. That amendment includes the consumer and investor protections that I have sought throughout the process. With their inclusion, and no other changes to H.R. 10, I am proud to give this legislation my strong support.

H.R. 10 will provide a prudent competitive framework for the financial services industry. It protects small institutions, the taxpayer, investors, and consumers. H.R. 10 will not spur megamergers. But not passing it may.

Financial modernization forces us to choose between the Treasury Department's desire for more bank license, and the Federal Reserve Board's desire for more bank safety and soundness. I choose bank safety and soundness, because that better protects our economy and the taxpayer.

H.R. 10 does not discriminate against banks. It creates, as far as is humanly possible, a fair "two-way street" for all players. It is one of the most pro- competitive bills that we have ever considered on this issue. Nor does it undermine CRA, the Community Reinvestment Act. I am distributing detailed bullets on these points with my statement. We should look at the facts before we leap to any conclusions.

I intend to vote for the rule on H.R. 10 and I intend to vote for the Manager's Amendment. I intend to vote against all other amendments. This is good legislation, and it deserves the support of the House.

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