H.R. 10, along with the manager's amendment, protects the investor. It says that if you're going to sell stocks or bonds or other instruments, you're going to have to make the same disclosures and satisfy the same regulatory requirements as everyone else in the business. H.R. 10, along with the manager's amendment, protects the taxpayer. That's the same kind of problem that gave us the savings and loan debacle. H.R. 10, along with the manager's amendment, promotes fair competition.
Banks have lower costs of capital.
Because they are tax-payer insured. That's effectively a taxpayer subsidy. Some people might call that corporate welfare. But it's a corporate welfare program that will stop at the bank's edge as long as the bank is truly separate. And if banks are truly separate, the subsidy won't undermine the competitiveness of truly independent financial services companies.