Mr. Speaker, I rise in support of the rule providing for the consideration of H.R. 10, the Financial Services Act of 1998.

My friends, this is a fair rule, and it deserves the support of each Member of this House. The rule makes in order a total of 12 amendments to be offered by both Members of the Majority and Members of the Minority. These amendments deal with the major issues that were raised during the Committee consideration of this legislation, and therefore, Members can be assured of a full and open debate on this important legislation.

I am particularly pleased to be able to inform my Colleagues that the process which has brought us to the Floor today has been a truly open, fair and bi- partisan one. I want to personally thank my good friends, Chairman Bliley of the Commerce Committee and Chairman Leach of the Banking Committee, for their leadership and willingness to work with me to build reasonable consumer and investor protections into this bill.

With the support of my good friend Vic Fazio and many other Members on both sides of the aisle, I am pleased to be joining Chairman Bliley and Chairman Leach in offering the manager's amendment that is made in order by this rule. That amendment includes the consumer and investor protections that I have sought throughout this process. It also provides a safe and sound framework so that the financial services industry, which accounts for 18% of our nation's GNP, can compete effectively and efficiently in the new global financial marketplace of the 21st century.

With recently announced mergers involving giant banks and other large financial institutions, a lot of fear has been raised over what that new financial marketplace will look like. The truth is that without H.R. 10, financial industry megamergers and consolidation will definitely continue. The regulators will continue their turf wars; the new financial giants will overwhelm a patchwork regulatory process that lacks adequate authority; U.S. taxpayers could face another S&L type bailout situation; and litigation will prevail.

On the other hand, if H.R. 10 is enacted, clear regulatory authority and boundaries will be established within which financial services firms will be free to compete in a fair and open manner, and litigation, confusion, and taxpayer exposure will all be reduced.

The choice is clear. 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, including those amendments which permit greatly expanded high- risk activities in bank operating subsidiaries, and greater mixing of banking and commerce activities than the bill allows. I strongly urge my Colleagues to oppose all those other amendments as well.

This is good legislation. Let's pass this rule and pass this bill.

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