|FOR IMMEDIATE RELEASE:||CONTACT: CHRISTI HARLAN|
|Monday, June 28, 1999||202-224-0894|
Sen. Phil Gramm, chairman of the Senate Committee on Banking, Housing and Urban Affairs, has joined the leadership of the Securities Subcommittee -- Sen. Rod Grams, subcommittee chairman, and Sen. Christopher Dodd, ranking member -- in releasing a compilation of suggestions for legislation that would improve the operations and accessibility of securities markets.
In a letter, the three senators asked for comments on the suggested improvements. Those comments and the original suggestions will be used to craft legislation to enhance the securities markets. The process is similar to that which produced the National Securities Market Improvement Act of 1996, a bill co-sponsored by Gramm and Dodd that made numerous changes to securities laws to reduce regulatory burdens and costs.
Work on the new securities legislation began in March, when Gramm and Grams asked for suggestions from investors, securities professionals and regulators. By the end of April, the senators had received proposals from individuals, as well as groups, including the New York Stock Exchange, the NASD, the Securities Industry Association, the Bond Market Association, the Investment Counsel Association of America, the Certified Financial Planner Board of Standards and the American Bankers Association. The Securities and Exchange Commission and the North American Securities Administrators Association also provided suggestions.
Click here to see the Senators' letter and the list of recommendations.