1998 Ron Paul 32:3
Mr. PAUL.
...Chairman for yielding. I am an original cosponsor of 1151. But the original bill never came to the
committee. It was quickly substituted
with another bill, which I think is seriously
weakened from the original bill
that we had. So I would like to let all
those 207 Members who are cosponsors
that you’re not voting on the bill that
you signed your name onto. There are two major changes that have
occurred.
1998 Ron Paul 32:4
One is that the multiple common-bond
position of 1151 has been removed. Now it is restrictive. And the other
thing is there’s been a lot of regulations
added, and I think that we should
consider long-term economic consequences
and political consequences of
opening up the door to regulations and
also what it means down the road as
far as insurance goes.
1998 Ron Paul 32:5
For instance, it was bragged upon,
the bill was bragged upon because the
regulations of safety and soundness
was good. We’ve had a lot of regulations,
of safety and soundness for
banks and savings and loan, and yet
the FDIC and FSLIC had to be bailed
out. The insurance deposit for credit
unions was started by private money,
no government subsidies, and has never
been bailed out. So now we’re going to
overlook the credit unions and make
sure they are safe and sound.
1998 Ron Paul 32:6
I think it’s the wrong direction that
we are going. I think the whole notion
that we are going to have the Community
Reinvestment Act applied to the
credit unions is going in the wrong direction. This is a form of credit allocation and, actually, long term, will
weaken the credit unions.
1998 Ron Paul 32:7
I would like to speak up today for the credit
unions and say this bill has been
weakened to such a degree that they
have opened up the doors, and down the
road they are going to be treated like
the banks, and down the road they’ll
probably receive the taxation that
banks have.
1998 Ron Paul 32:8
I resent the idea that the competitors
and the small banks, who don’t
like the competition of the credit
unions, they say, well, let’s tax them
and let’s regulate them. So, in a way, we
have accommodated the banks by adding
the regulations onto the credit
unions.
1998 Ron Paul 32:9
I do not think this is going in the
right direction, and we should seriously
consider a no vote on this legislation.
Notes:
1998 Ron Paul 32:2 chairman for yielding. Here, Ron Paul
thanks The Honorable James A. Leach of Iowa.
In this verse, Ron Paul wants to let 207 Members, but fails to say know, or perhaps the sentence makes sense if Ron Paul wants to tell 207 Members.
1998 Ron Paul 32:5
Ungrammatical the bill was bragged upon because the regulations of safety and soundness was good.
probably should be either the bill was bragged upon because the regulation of safety and soundness was good.
or the bill was bragged upon because the regulations of safety and soundness were good. savings and loan probable should be plural, savings and loans
or savings and load associations.
The insurance deposit probably should be The deposit insurance.
So now we are going to overlook the credit unions and make sure they are safer and sound. perhaps should be
So now we are going to oversee the credit unions and make sure they are safer and sound.
or perhaps So now we are going to lookover the credit unions and make sure they are safer and sound.
