[Vision2020] Bill Clinton Signing the Financial Services

[bear at moscow.com]

Ted,

The picture is good, but doesn't mention the history of the legislation!

The Gramm-Leach-Bliley Act, also known as the Gramm-Leach-Bliley Financial Services 
Modernization Act, Pub.L. 106-102, 113 Stat. 1338 introduced in the U.S. Senate by Phil 
Gramm (R-Texas) and in the U.S. House of Representatives by Jim Leach (R-Iowa). The third 
lawmaker associated with the bill was Rep. Thomas J. Bliley, Jr. (R-Virginia), Chairman of
the 
House Commerce Committee from 1995 to 2001. On May 6, 1999, the Senate passed the bills 
by a 54-44 vote along party lines (53 Republicans and one Democrat in favor; 44 Democrats 
opposed). On July 20, the House passed a different version of the bill on an uncontested
and 
uncounted voice vote. When the two chambers could not agree on a joint version of the
bill, the 
House voted on July 30 by a vote of 241-132 (R 58-131; D 182-1) to instruct its
negotiators to 
work for a law which ensured that consumers enjoyed medical and financial privacy as well
as 
"robust competition and equal and non-discriminatory access to financial services and 
economic opportunities in their communities" (i.e., protection against exclusionary
redlining) 
The bill then moved to a joint conference committee to work out the differences between
the 
Senate and House versions. Democrats agreed to support the bill after Republicans agreed
to 
strengthen provisions of the anti-redlining Community Reinvestment Act and address certain

privacy concerns; the conference committee then finished its work by the beginning of 
November. On November 4, the final bill resolving the differences was passed by the Senate

90-8  and by the House 362-57. This legislation was signed into law by Democratic
President 
Bill Clinton on November 12, 1999.

So now Bill Clinton is to blame for a REPUBLICAN finance bill?

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> President Bill Clinton, cozying up to Wall Street: 
> Photo: Justin Lane/The *New York Times*/Redux
> ------------------------------------------
> Vision2020 Post: Ted Moffett
> 





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