Hyatt Regency Capitol Hill Washington, DC November 16, 1995. When Gene Ludwig invited me to participate in this conference on Antitrust and Banking, I accepted with enthusiasm.
Banking is important.
It has been, and will continue to be, an industry whose financial soundness and competitive structure are essential to the fulfillment of our nation's economic potential. American consumers and businesses rely on the availability of credit. And experience clearly indicates that where there are multiple competing sources of credit, prices of financial services tend to be lower. Moreover, where rivalry exists, consumers and businesses also benefit from better quality and greater innovation in financial services. The economic role of banks, however, is the subject of change.