NEW YORK, June 29 /PRNewswire/ -- Merrill Lynch Chairman and CEO David H.
Komansky today urged the U.S. House of Representatives to pass H.R. 10, the
Financial Services Act of 1999:
"Financial services reform is long overdue. It is time for the House to
act and pass a financial services modernization bill for the 21st century.
"The financial services industry is governed by outdated laws and
regulations which are costly and inconvenient to consumers, and which have put
the industry at a competitive disadvantage in the global marketplace. No
other industrialized country still regulates its financial service industry
this way.
"Modernizing these laws will bring real benefits to the millions of
Americans who use financial services. It will also allow U.S. financial firms
to remain the predominant force in global markets.
"A historic consensus now exists across all segments of the financial
services industry to enact this legislation. Virtually all securities firms,
insurance companies, and banks now support H.R. 10. We urge the House to pass
this bill."
SOURCE Merrill Lynch & Co., Inc.
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CONTACT:
James R. Wiggins of Merrill Lynch & Co.,
Inc., 212-449-7280, jwiggins@exchange.ml.com
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