Statement by Eugene A. Ludwig Comptroller of the Currency

(Note to Editors: Chairman Leach of the House Banking Committee today announced that he would no longer pursue comprehensive financial modernization legislation in this session of Congress. In response, Comptroller of the Currency Eugene A. Ludwig released the following statement.)

Chairman Leach and I have disagreed on some aspects of his proposal, but his efforts have significantly advanced the dialogue on the important question of modernizing the banking system. That is a major accomplishment in its own right, and I commend him for it.