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Wait a Minute!!!! CORRECTION!!!!

Mike

Well-known member
from the senate banking website:
FOR IMMEDIATE RELEASE: CONTACT: CHRISTI HARLAN
Thursday, November 4, 1999 202-224-0894


SENATE APPROVES GRAMM-LEACH-BLILEY ACT

VOTE PAVES WAY FOR FINANCIAL SERVICES MODERNIZATION
The U.S. Senate voted 90-8 today to approve S. 900, the Gramm-Leach-Bliley Act, which will repeal the Depression-era barriers that separate banking, insurance and securities. Sen. Phil Gramm, chairman of the Senate Committee on Banking, Housing and Urban Affairs, issued the following statement:

"I believe we have passed what will prove to be the most important banking bill in 60 years. It overturns the key provision of the Glass-Steagall act that divided the American financial system.

"Over time, the market and the regulators have used a variety of innovations to try to undo this separation. As a result, we have substantial competition occurring, but it is competition that is largely inefficient and costly, it is unstable, and it is not in the public interest for this situation to continue.

"The Gramm-Leach-Bliley Act strikes down these walls and opens up new competition. It will create wholly new financial services organizations in America. It will literally bring to every city and town in America the financial services supermarket.

"Americans today spend about $350 billion on financial services – on fees and charges and interest. Most people who have looked at the potential for providing financial services under a more rational system believe, as I believe, that there are tens of billions of dollars of savings for the American consumer that will be produced by the reforms of this bill."

I had been getting my info on this from a Liberal website. I should have known better. :roll:

Looks like the Final vote was by a margin of 90-8 as opposed to the 54-44 as stated in my earlier research. After all, Clinton was against it but signed it because it was sent to him veto-proof. That would not have been possible with the 54-44 as I previously stated.

My apologies to Aplus. Looks like the Wikipedia site was right after all.

There is nothing like getting news straight from the horses mouth.

Gramm-Leach-Bliley was in fact a bipartisan Bill....... overwhelmingly Bipartisan.

http://banking.senate.gov/prel99/1104grm.htm
 

aplusmnt

Well-known member
Mike said:
from the senate banking website:
FOR IMMEDIATE RELEASE: CONTACT: CHRISTI HARLAN
Thursday, November 4, 1999 202-224-0894


SENATE APPROVES GRAMM-LEACH-BLILEY ACT

VOTE PAVES WAY FOR FINANCIAL SERVICES MODERNIZATION
The U.S. Senate voted 90-8 today to approve S. 900, the Gramm-Leach-Bliley Act, which will repeal the Depression-era barriers that separate banking, insurance and securities. Sen. Phil Gramm, chairman of the Senate Committee on Banking, Housing and Urban Affairs, issued the following statement:

"I believe we have passed what will prove to be the most important banking bill in 60 years. It overturns the key provision of the Glass-Steagall act that divided the American financial system.

"Over time, the market and the regulators have used a variety of innovations to try to undo this separation. As a result, we have substantial competition occurring, but it is competition that is largely inefficient and costly, it is unstable, and it is not in the public interest for this situation to continue.

"The Gramm-Leach-Bliley Act strikes down these walls and opens up new competition. It will create wholly new financial services organizations in America. It will literally bring to every city and town in America the financial services supermarket.

"Americans today spend about $350 billion on financial services – on fees and charges and interest. Most people who have looked at the potential for providing financial services under a more rational system believe, as I believe, that there are tens of billions of dollars of savings for the American consumer that will be produced by the reforms of this bill."

I had been getting my info on this from a Liberal website. I should have known better. :roll:

Looks like the Final vote was by a margin of 90-8 as opposed to the 54-44 as stated in my earlier research. After all, Clinton was against it but signed it because it was sent to him veto-proof. That would not have been possible with the 54-44 as I previously stated.

My apologies to Aplus. Looks like the Wikipedia site was right after all.

There is nothing like getting news straight from the horses mouth.

Gramm-Leach-Bliley was in fact a bipartisan Bill....... overwhelmingly Bipartisan.

http://banking.senate.gov/prel99/1104grm.htm


whewwww you had me scared for a minute. I was afraid I might have been wrong all this time. Had me about to apologize to OT. Thanks for furthering your research on it.

Remember when in doubt believe the opposite of what OT says! :wink: :lol:
 
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