Last month USA Today carried an editorial with the title, "Protecting consumers is a big part of reforming bank laws."

With this amendment, the House will say a resounding "We agree." Consumers Union submitted a letter today urging Members to vote for the managers amendment and I ask unanimous consent that I be allowed to insert that letter, and an explanation of the manager's amendment, in the record following my remarks.

Breaking down the barriers between the financial services industries raises serious risks to consumers.

Let me read to you some of those risks as noted by USA Today.

"Rip-off risks. The big promise to consumers from merging banking, securities and insurance firms is one-stop shopping. But will those looking for a mortgage be pressured into buying other services from the lender? Or will banks offer package deals that seem appealing but are far more expensive than if each were bought separately? Some consumer-protection ground rules are needed here."

"Uninsured risks. Will bank customers be misled about which products are insured and which aren't? Bank deposits are FDIC insured -- if the bank goes under, taxpayers pony up to cover the deposits. Stock funds and other investment vehicles aren't. Consumer groups complain that it will be too easy for banks to woo customers to riskier, higher-paying investments, with customers thinking their assets are protected. Clear guidelines are a must."

"Taxpayer risks. Taxpayers also face heightened risks. Banks might be tempted to use insured deposits as leverage to make riskier investments, knowing that if the investments turn sour, taxpayers will bail them out. That's what happened in the S&L bailout of the late '80's. It cost taxpayers hundreds of billions of dollars. Firms also might be tempted to loan that money to struggling subsidiaries -- again boosting taxpayer risk. Strong safeguards against this 'moral hazard' problem have to be in place."

The manager's amendment will provide consumers with strong protections against risk and abuse as banks venture into other financial fields. I urge my colleagues to support this amendment.

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