Let me read to you some of those risks as noted by USA Today . The big promise to consumers from merging banking, securities and insurance firms is one-stop shopping. Some consumer-protection ground rules are needed here. Stock funds and other investment vehicles aren't. Consumer groups complain that it will be too easy for banks to woo customers to riskier, higher-paying investments, with customers thinking their assets are protected.
Taxpayers also face heightened risks.
Banks might be tempted to use insured deposits as leverage to make riskier investments, knowing that if the investments turn sour, taxpayers will bail them out. It cost taxpayers hundreds of billions of dollars. Strong safeguards against this 'moral hazard' problem have to be in place. The manager's amendment will provide consumers with strong protections against risk and abuse as banks venture into other financial fields. I urge my colleagues to support this amendment.