CBS Evening News - 1999-10-23 (audio sync problem)
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Read a transcript preview of “CBS Evening News - 1999-10-23 (audio sync problem)” from malgent, uploaded on 2025-10-11.
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Language: English (original, YouTube automatic captions)
[0:00] NBC News.
[0:05] >> This is the CBS Evening News with Russ
[0:09] Mitchell.
[0:11] And good evening. Americans today are
[0:12] getting their first good look at a deal
[0:14] that overhauls the nation's financial
[0:16] system, changing nearly 70 years of the
[0:18] way banks and investment houses do
[0:20] business. Stacy Tisdale of CBS Market
[0:22] Watch looks at the deal between
[0:23] Republican leaders in the White House,
[0:25] which wipes out a chunk of FDR's New
[0:27] Deal.
[0:30] It's called the Financial Modernization
[0:32] Bill and it's going to change the way
[0:34] you do your banking. The measure would
[0:36] allow people to bank, buy insurance, and
[0:38] trade stocks all with the same company.
[0:40] >> It's a historic step forward, and that's
[0:42] repealing a depression uh uh made piece
[0:46] of legislation that now is clearly out
[0:48] of date.
[0:49] >> If signed, the bill would dismantle a
[0:51] law created in 1933 following the 1929
[0:55] stock market crash. At the time, the
[0:58] government decided that banks should not
[1:00] be allowed to go into other financial
[1:01] businesses because they defaulted on so
[1:04] many loans contributing to the Great
[1:05] Depression. Today, the bill's promoters
[1:08] say these industries would be able to
[1:10] join forces, creating giant mega
[1:12] corporations to offer consumers one-stop
[1:15] shopping for services and ultimately
[1:17] save us money.
[1:18] >> Well, you're going to have a streamlined
[1:20] financial system. The Treasury estimates
[1:22] $15 billion a year in annual consumer
[1:25] savings. But consumer advocates simply
[1:28] don't like the new plan.
[1:29] >> If you give all your financial business,
[1:31] insurance, securities, mortgage,
[1:34] savings, uh, uh, to one