|FOR IMMEDIATE RELEASE:||CONTACT: CHRISTI HARLAN|
|Tuesday, May 23, 2000||202-224-0894|
SECURITIES BILL MARK-UP POSTPONED
Sen. Phil Gramm, chairman of the Senate Committee on Banking, Housing and Urban Affairs, has announced the postponement of the planned mark-up of S. 2107, the Competitive Market Supervision Act, as well as the postponement of votes on pending nominations.
"The Competitive Market Supervision Act is important legislation that would enable American investors to save money on their investments and retirement accounts by cutting the cost of securities transactions," Gramm said, noting that the bill has the support of investor groups such as TIAA-CREF and CalPERS, the California Public Employees' Retirement System.
In addition to cutting the size of fees for securities transactions and registration, the bill would allow the Securities and Exchange Commission to bring the pay of its employees in line with the pay of employees of other financial regulators.
"This delay will give us the opportunity to coordinate with other key participants in the process and achieve the same broad support for the bill that it enjoys among members of the Banking Committee," Gramm said.
The mark-up will be rescheduled, as will the votes on the nominations of Richard C. Houseworth to be a member of the board of directors of the Federal Deposit Insurance Corporation, and Nuria I. Fernandez to be administrator of the Federal Transit Administration. The committee will also reschedule its votes on S.2266, the 2002 Winter Olympic Commemorative Coin Act, and S.2453, awarding a congressional gold medal to Pope John Paul II.