Congressional Digest

Congressional Digest January 2000 No. 1 Vol. 79
Honorable Jack Reed

Financial Services Restructuring

Cross-Ownership of Banking, Securities, and Insurance Interests

Honorable Jack Reed

United States Senator, Rhode Island, Democrat

Senator Reed was first elected to the U.S. Senate in 1996.He served in the Rhode Island Senate from 1984 to 1990 and inthe U.S. House of Representatives from 1990 to 1996. He is a memberof the following committees: Aging; Armed Services; Banking, Housing,and Urban Affairs; and Health, Education, Labor, and Pensions.The following is from the May 4, 1999, Senate floor debate onS. 900, the Financial Services Modernization Act.S. 900 significantly deviates from the principles and the compromisesthat were carefully worked out in the last Congress.The critical issues that face us with respect to this billthat are troubling are, first, with…

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