then why do we see had lines like this one of the largest lobbies for tag is the independent community bankers of america there it is right there tags must be extended to protect community banks so the community banks the banks have benefited by attracting deposits that previously went to larger banks which are seen as safer according to a.p. small banks are worried that there will be an outflow of money from their institutions to large banks or to big money market mutual funds now the wall street journal reports that larger banks many of which offer money market funds in addition to deposit accounts have not taken a public position on the issue this is interesting because according to c.b.s. the largest institutions are the ones that hold the majority of the deposits insured by tad over eighty percent so too big to fail subsidy or community bank subsidy it really just shows the unintended consequences we think of even temporary subsidy measures in a crisis where the medicine meant to treat a disease becomes an addiction and in this case it looks like an addiction like many others that we're still trying

this is supported by independent community bankers of america, the american bankers soshese and the national association of federal credit unions among others. i want to thank the gentleman from california, mr. sherman, for his fine support and fine work and his work on this issue. i want to thank chairman baucus, ranking member frank, chairwoman capito and ranking member maloney for their assistance in ensuring that this legislation passes without delay this common sense legislation has garnered widespread bipartisan support and i urge my colleagues to join me in supporting its passage. i yield back the balance of my time. the speaker pro tempore: the gentleman yields back. the gentleman from california is recognized. mr. sherman: i'll take a minute to put into the record the statements of adam lev tan, professor of law at the georgetown university law school, in support of this bill and he came before our committee in may of 2012 and stated there are unquestionably financial regulations that do little other than add to regulatory burdens, he cited in particular the provision that this bill