Congressional Hearings |
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Statement of Rick Santorum
U.S. Senate Committee on Banking, Housing, and Urban Affairs
"Consideration of Regulatory Reform Proposals"
June, 22 2004
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Mr. Chairman and Members of the Committee,
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I would like to thank the Chairman for holding this hearing today
regarding regulatory reform for our nation’s financial institutions. I
am pleased that Mr. Gene Maloney, Director, Executive Vice President
and Corporate Counsel of Federated Investors, Inc. in Pittsburgh, one of the nation's largest investment management organizations, has been invited to testify at today’s hearing. Mr. Maloney will talk about the proposed revision to Regulation Q, to allow banks to pay interest on business checking accounts. Gene has extensive industry experience and has previously testified before the Senate on matters of fiduciary compensation and the deregulation of the financial services industry.
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Mr. Maloney has appeared as a speaker at American Bankers Association
gatherings and is a frequent speaker at State Bankers Association meetings
on the following subjects: the Gramm-Leach-Bliley Act, the deregulation
of the financial services industry, the Uniform Prudent Investor Act
and the investment management process it contemplates, fiduciary
compensation, and asset allocation as a means of optimizing return
and minimizing risk.
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Gene is a Director of the Foundation for Fiduciary Studies. He is
an instructor in trust and securities law at Boston University School of
Law and has been a visiting instructor at the Federal Financial Institutions
Examination Council and the American Bankers Association’s National
Graduate Trust School at Northwestern University. Mr. Maloney has also
served as an expert witness in both judicial and legislative settings on
matters relating to fiduciary compensation, will construction, and prudent investing.
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Gene received his B.A. from Holy Cross College in Worcester, Massachusetts, and
his J.D. from Fordham Law School in New York City. He attended the Wharton
School of the University of Pennsylvania, focusing on the financial management
of commercial banks. He was an officer in the Army from 1969 to 1972 and served
as an infantry officer for one year in Vietnam.
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I think we all recognize the importance of hearing testimony from different
sides of an issue, and I thank the Chairman and members of the Committee
for their consideration of this witness. I look forward to hearing the
testimony presented today.
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