|FOR IMMEDIATE RELEASE:||CONTACT: CHRISTI HARLAN|
|Tuesday, May 4, 1999||202-224-0894|
Sen. Bob Bennett, chairman of the Subcommittee on Financial Institutions, has scheduled a hearing for 9:30 a.m. Wednesday, May 5, on the Financial Institutions Insolvency Improvement Act of 1999.
The legislation contains a number of amendments to the Bankruptcy Code that are designed to improve legal certainty for financial institutions that use risk-management tools such as forward contracts and swaps.
"This bill would strengthen the laws that enforce and protect certain financial agreements and transactions in the event that one of the parties involved becomes insolvent," Bennett said.
WHEN: Wednesday, May 5 at 9:30 a.m.
WHAT: Subcommittee on Financial Institutions
WHERE: 538 Dirksen Building
Mr. William Kroener III
Federal Deposit Insurance Corporation
Mr. Paul G. Scheufele
Managing Director, Credit Suisse First Boston
Mr. Don Thompson
Vice President & Assistant General Counsel,
J.P. Morgan & Company, Inc.
Ms. Marjorie E. Gross
Senior Vice President & Associate General Counsel,
Chase Manhattan Corporation