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The Treasury Department welcomes the joint statement by leaders of the House of Representatives and the House Commerce Committee reaffirming their commitment to passing financial modernization legislation in this Congress. While we are disappointed that the process will not move ahead on the schedule that was fixed last summer, we are pleased that the Leadership and the Committee will intensify efforts to find common ground.
Treasury continues to believe that Congress can achieve enactment of landmarklegislation if this effort is guided by a dedication to eliminate barriers to competition,by a commitment to develop a balanced approach that does not discriminate againstparticular segments of the industry, and by a recognition of the principle thatinstitutions should have maximum flexibility in structuring their businesses consistentwith safety and soundness concerns. We want to work closely with the Congress in seekingto achieve that objective.