I don’t think anyone who wants to increase the burden of government regulation and higher taxes has any real understanding of economics and the economy and what is needed in order to ensure the future of this country.”– John McCain [McCain Town Hall in Inez, Kentucky, 4/23/08]
McCain announced that he supported a banking bill because it eliminated “The Tremendous Regulatory Burden Imposed On Financial Institutions.”
In 1999, McCain Supported Phil Gramm’s Banking Deregulation Bill
In 1999, John McCain voted for passage of the Senate version of a bill that would eliminate current barriers erected by the 1933 Glass-Steagall Act and other laws that impede affiliations between banking, securities, insurance and other firms. The bill also would exempt small, non-urban banks from the 1977 Community Reinvestment Act (CRA), revise the Federal Home Loan Bank system and require that owners of automated teller machines (ATMs) provide notice on the ATM and on-screen of any charges imposed for the use of the terminal. The bill passed 54-44. [S. 900, Vote #105, 5/6/99]
The list goes on and on….