Phil Gramm

Mr. GRAMM

Mr. GRAMM. Mr. President, that is my understanding.

Mr. GRAMM. The understanding of the Senator from Connecticut is correct.

Mr. GRAMM. Mr. President, Yes.

Mr. GRAMM. Mr. President, the understanding of the gentleman from Utah is correct.

Mr. GRAMM. Mr. President, the understanding of the Senator from Connecticut is correct.

Mr. GRAMM. Mr. President, I would be happy to do so.

Mr. GRAMM. Mr. President, that is correct.

Mr. GRAMM. Mr. President, yes, that is correct.

Mr. GRAMM. Mr. President, I would be happy to yield to the chairman of the financial Institutions Subcommittee.

Mr. GRAMM. Mr. President, the understanding of the Senator from Utah is also correct.

Mr. GRAMM. Mr. President, yes, the Senator's understanding is correct.

Mr. GRAMM. Mr. President, I yield to the vice chairman of the Financial Institutions Subcommittee.

Mr. GRAMM. Mr. President, that is my understanding. I would add that national banks are also entitled to charge the rates of the host State of the interstate branch, as authorized by interpretations of the Comptroller of the Currency, where there is some nexus between the hose State and the loan. section 507

Mr. GRAMM. Mr. President, I yield 5 minutes to the distinguished Senator from Utah.

Mr. GRAMM. Mr. President, the understanding of the Senator from Connecticut is correct. In addition, it should be noted that in some instances, no rule-writing is required. For example, new section 4(k)(4) of the Bank Holding Company Act, as added by section 103 of the bill, explicitly authorizes bank holding companies which file the necessary certifications to engage in a laundry list of financial activities. These activities are permissible upon the effective date of the act without further action by the regulators. The conferees recognize, however, that refinements in rulemaking may be necessary and desirable going forward, and for example, have specifically authorized the Federal Reserve and the Treasury Department to jointly issue rules on merchant banking activities. If regulators determine that any such rulemaking is necessary, the conferees encourage them to act expeditiously. section 731

Mr. GRAMM. Mr. President, that is correct.

Mr. GRAMM. Mr. President, the interpretation of the Senator from Idaho on this point is correct. The intent of section 502 is to assure that consumers receive clear and conspicuous notice of a financial institutions' privacy policies and practices, and to assure that consumers can direct that their non-public information not be disclosed to third parties. So long as consumers receive a notice that gives them a clear choice about whether or not that non-public personal information can be transferred to non-affiliated third parties, the opt-out choice need not be provided separately for each disclosure of such information. insurance company investments

Mr. GRAMM. Mr. President, yes, that is true.

Mr. GRAMM. Mr. President, the understanding of the Senator from Utah is correct.

Mr. GRAMM. Mr. President, Senator Dorgan is here to speak, and I will yield the floor to allow him to speak, but I want to make it clear to anyone who has time that we are fast reaching the magic moment where we are going to conclude the debate and vote. It is only fair that Senator Sarbanes and I as managers of the bill be allowed to speak last. I ask unanimous consent that we may hold our time until the end.

Mr. GRAMM

Mr. GRAMM. Mr. President, I am very pleased to yield to Senator Hagel--why don't I yield him 10 minutes. If he needs more time, I will yield more.

Mr. GRAMM. Will the Senator yield to me for just a moment?

Mr. GRAMM. I yield the floor. Mr. JOHNSON addressed the Chair.

Mr. GRAMM. I have spoken to the Senator, and I ask unanimous consent that time be divided between Senator Sarbanes and myself.

Mr. GRAMM

Mr. GRAMM. Mr. President, I can't help but lament that we have an administration that has prosecuted fewer people for gun violations than any administration in modern history. That is something that could be done today. It could have started this afternoon; It could have begun 7 years ago; but it was not.