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Mr. Chairman, members of the House Banking Committee, thank you for the invitation to comment on HR 10.These hearings mark the third consecutive Congress in which financial deregulation has dominated the agenda of this Committee. Thousands of hours of the time of Members of Congress and their staffs have been expended in a futile effort…
The Federal Reserve — already one of the most powerful and least accountable entities in the federal government — is about to become even more powerful. It’s all part of a scheme to rewrite the nation’s financial laws and allow banks, securities firms, insurance companies, and, in some cases, industrial firms to merge under common…
Privacy is high on the list of rights Americans cherish. Now, the right to our privacy — like many of those rights we take for granted — is at risk. Federal agencies, led by the Federal Reserve Board, have proposed a “Know Your Customer” regulation that would require banks to monitor their customers’ accounts, presumably…
 Alert for the millions of airline passenger knees — American Airlines will give them three to five extra inches of space in about a year. Hooray for small favors. One would think that buying an airline ticket for a seat on the plane would include knees along with toes and torsos. But since airline deregulation…
Privacy is high on the list of rights Americans cherish. Now, the right to our privacy — like many of those rights we take for granted — is at risk. Federal agencies, led by the Federal Reserve Board, have proposed a “Know Your Customer” regulation that would require banks to monitor their customers’ accounts, presumably…
Social Security places government in one of its noblest roles: as an institution that offers a bedrock financial guarantee to all members of society that they need not fear the financial consequences of growing old or disabled. That’s quite the opposite of the U.S. government’s all too familiar role as a provider of corporate welfare,…
Social Security places government in one of its noblest roles: as an institution that offers a bedrock financial guarantee to all members of society that they need not fear the financial consequences of growing old or disabled. That’s quite the opposite of the U.S. government’s all too familiar role as a provider of corporate welfare,…
Detroit, Mich., fell on hard times recently when the snow started falling on Jan. 2, 1999. Twenty-one inches of snow accumulated over the next two weeks, and city officials still did not plow residential streets. That streets were left unplowed was not an oversight. It was the result of a policy of many years standing…
Every discussion of Social Security should begin by recognizing that Social Security is a system of social insurance. It places government in one of its noblest roles: Provision of a bedrock guarantee to all members of society that you do not need to fear the financial consequences of growing old or disabled, for society will…
The collapse of community surfaced with a vengeance in Detroit, Michigan recently when the snow started falling on January 2, 1999. Twenty one inches of snow fell over the next two weeks and city officials still had not plowed the residential streets. That is not an oversight. It is a policy of many years standing.…