John Dingell – Allow Banks To Become “Too Big To Fail”
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[John Dingell – Allow Banks To Become “Too Big To Fail”]
[The Floor Of The House Of Representatives (1999):] Source: LYBIO.net
The members has too many too many.
[John David Dingell, Jr. (born July 8, 1926) John Dingell:]
Then I yield myself the remaining time for purposes of closing.
[The Floor Of The House Of Representatives:]
Gentleman is recognized for 2 minutes.
[Michigan Democrat John Dingell:] Source: LYBIO.net
Madam Speaker, my colleagues, I think we ought to look at what we are doing here tonight. We are passing a bill which is going to have very little consideration, written in the dark of night, without any real awareness on the part of most of what it contains.
I just want to remind my colleagues about what happened the last time the Committee on Banking brought a bill on the floor which deregulated the savings and loans. It wound up imposing upon the taxpayers of this Nation about a $500 billion liability, that what it costs to clean up that mess. And at the same time the banks by engaging in questionable practices wound up in a situation where the Fed and the Treasury Department had to bail them out, also at the tax payers expense, but it didn’t show.
Having said that, what we are creating now is a group of institutions which are too big to fail. Not only are they going to be big banks, but they are going to be big everythings, because they are going to be in securities and insurance, in issuance of stocks and bonds and underwriting, and they are also going to be in banks.
And under this legislation, the whole of the regulatory structure is so obfuscated and so confused that liability in one area is going to fall over into liability in the next.
Taxpayers are going to be called upon to cure the failures that we are creating tonight, and it is going to cost a lot of money, and it is coming. Just be prepared for those events.
You are going to find that they are too big to fail, so the Fed is going to be in and other Federal agencies are going to be in to bail them out. Just expect that.
[John Dingell:] Source: LYBIO.net
Now with regard to the privacy, lets take a look at it. We’re told about all the protections that you have here.
Well if you want to have a good laugh, laugh at it, because here is the joke: The only thing the banks are going to be required to say with regard to what they are going to do with regard to your privacy, and this is everything, from your health to your financial situation, to everything else, is “we are going to stick it to you.” The privacy that you are going to have under this legislation is absolutely nothing. And what is going to drive that is going to be a simple fact, and that is that the banks are all going to be competing with the most diligence, and the result will be that those protections are going to be manifested in a race to the bottom.
Consumers, investors and the American public will have no protection to their privacy whatsoever under this bill. The only thing the banks have to say and the other institutions have to say is “we are going to stick it to you.” Vote against the conference report.
[The Floor Of The House Of Representatives:] Source: LYBIO.net
The gentleman’s time is expired, the gentleman from New York…
John Dingell – Allow Banks To Become “Too Big To Fail”. The privacy that you are going to have under this legislation is absolutely nothing. Complete Full Transcript, Dialogue, Remarks, Saying, Quotes, Words And Text.