Originally Posted by
River6
That is funny Bill Clinton had more to do with what's going on with the Banking industry and mortgage banking, you need to check your facts.
Clinton signs banking overhaul measure
November 12, 1999
Web posted at: 3:28 p.m. EST (2028 GMT)
WASHINGTON (CNN) -- The biggest change in the nation's banking system since the Great Depression became law Friday, when President Bill Clinton signed a measure overhauling federal rules governing the way financial institutions operate.
"This legislation is truly historic and it indicates what can happen when Republicans and Democrats work together in a spirit of genuine cooperation," Clinton said at a White House signing ceremony. The event brought together the president and several Republican members of Congress who have been among Clinton's sternest critics -- a sign of the bipartisan support that eventually developed for the package.
Congress passed the bipartisan measure November 5, opening the way for a blossoming of financial "supermarkets" selling loans, investments and insurance. Proponents had pushed the legislation in Congress for two decades, and Wall Street and the banking and insurance industries had poured millions of dollars into lobbying for it in the past few years.
ding, ding, ding...
You mean this bill? That was Banking Committee Chr. Phil Gramm's baby. He worked on it for years and was the chief sponsor. It passed the Senate 54-44 mostly among party lines. Guess what McCain's vote was? Clinton threatened a veto, but later signed the bill after certain compromises. Here is the story.
WASHINGTON - Sweeping legislation that would let banks, securities firms and insurance companies merge to create big financial "supermarkets" has pushed through the Senate.
The bill would lift Depression-era legal barriers separating the three industries, allowing the new companies to sell consumers everything from checking accounts to car insurance to mutual funds.
It includes a provision that would make it a federal crime for anyone to misrepresent himself to obtain someone's private financial data.
The mostly party-line vote yesterday was 54-44 on the bill, which faces a likely presidential veto if Congress sends it to President Clinton without changes. Sen Slade Gorton, R-Wash., and Sen Patty Murray, D-Wash., voted along party lines.
The Clinton administration supports the legislation in principle. But in a showdown with Senate Banking Committee Chairman Phil Gramm, R-Texas, it has threatened a presidential veto of the bill unless there are major changes, including the removal of provisions that Democrats view as an attack on a 1977 community-lending law that requires banks to make loans to poor and minority residents in the areas in which they operate.
Proponents of the financial overhaul legislation, led by Wall Street and the insurance industry, maintain it is needed to keep the U.S. financial industry competitive in global markets and it would save consumers millions by providing one-stop financial shopping. The financial industries have spent millions lobbying for the legislation in recent years.
A financial overhaul bill more to the administration's liking recently cleared the House Banking Committee and is being reviewed by the House Commerce Committee, which has given it a lukewarm reception.
Treasury Secretary Robert Rubin and the administration want to let banks get into new kinds of financial activities through subsidiaries of the banks themselves, not just through affiliated companies within the same parent holding company. That arrangement would increase the power of the Treasury's Office of the Comptroller of the Currency, regulator of nationally chartered banks.
Federal Reserve Chairman Alan Greenspan and most GOP lawmakers, on the other hand, want to let banks diversify through a holding company structure. That would expand the independent Federal Reserve's role as a regulator.