Gramm-Leach-Bliley

GRAMM-LEACH-BLILEY -- (House of Representatives - September 24, 2008)

Ms. KAPTUR. Mr. Speaker, I would like to place in the Record remarks that I made in 1999 regarding a measure called the Gramm-Leach-Bliley bill that passed in this Congress on a vote of 362-57. At the time we said it would cause the mess we're facing today on Wall Street and indeed it has.

I will place also in the Record the votes of those who were present voting ``yes'' and voting ``no.''

This is an extraordinarily important vote that essentially unharnessed Wall Street to do whatever it wanted, mixing banking, commerce, real estate, insurance in a way America had not done for over half a century.

Some of what I said at that time was, ``I would say to the people listening tonight, are you tired of calling banks and getting lost in the automated phone system, never locating a breathing human being? This bill will make it worse.

``Are you fed up with rising ATM fees and service fees that now average over $200 a year per account holder? This bill will make it worse.

``Are you tired of mega-financial conglomerates and mergers that have made your community a branch economy of financial centers located far away whose officers you never know who never come to your community? This bill will make it worse.''

I would urge my colleagues to take a look at the remarks that were made over a decade ago and think about what we are facing today. I commend all of my colleagues who voted ``no'' in those days. They deserve a badge of honor.

Ms. KAPTUR. Madam Speaker, I rise in opposition to the rule and in opposition, strong opposition, to the bill. This bill is pro megabank and it is against consumers.

And I would say to the people listening tonight, Are you tired of calling banks and getting lost in the automated phone system, never locating a breathing human being? This bill will make it worse.

Are you fed up with rising ATM fees and service fees that now average over $200 a year per account holder? This bill will make it worse.

Are you skeptical about banks that used to be dedicated to safety and soundness and savings but are now switching to pushing stocks and insurance and debt? This bill will make it worse.

Are you tired of the megafinancial conglomerates and mergers that have made your community a branch economy of financial centers located far away, whose officers you never know, who never come to your community? This bill will make it worse.

Punitive reporting requirements in this bill are aimed at disabling community groups that are the only groups in this country that hold these institutions accountable for the depositors' money. It is going to make them a target of Federal reporting requirements. So why do community groups oppose this bill, like the Lutheran Office for Governmental Affairs, the Fair Housing Alliance, the National Low-Income Housing Coalition, the Coalition of Community Development Financial Institutions, Consumers Union, the Volunteers of America? Sounds like the folks that live in my neighborhood, my colleagues.

I would say this is one of the worst conceived bills ever to come before this body, simply because it does not pay attention to the majority of the American people who have, on average, less than $2,000 in any financial institution in this country. To anyone listening tonight I say, Put your money in the credit unions. They are owned by you and they will take care of you. Vote against this bill.

Mr. DINGELL. Mr. Speaker, I object to the vote on the ground that a quorum is not present and make the point of order that a quorum is not present.

The vote was taken by electronic device, and there were--yeas 362, nays 57, not voting 15, as follows:

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