The Book of Ron Paul
1998 Ron Paul Chapter 32
1 April 1998
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Congressional Record (Page H1876) Cached
Mr. LEACH. I would yield 2
minutes to our distinguished colleague, Dr. Ron Paul.
The SPEAKER pro tempore. Gentleman is recognized for 2 minutes.
1998 Ron Paul 32:1
Mr. PAUL. I ask unanimous consent to revise and extend my remarks and I thank the...
1998 Ron Paul 32:2
The SPEAKER pro tempore. Without objection.
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 youre 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 theres 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. Weve 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 were going to overlook the credit unions and make sure they are safe and sound.
1998 Ron Paul 32:6
I think its 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 theyll probably receive the taxation that banks have.
1998 Ron Paul 32:8
I resent the idea that the competitors and the small banks, who dont like the competition of the credit unions, they say, well, lets tax them and lets 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.
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 look over the credit unions and make sure they are safer and sound.