|FOR IMMEDIATE RELEASE:||CONTACT: CHRISTI HARLAN|
|Monday, November 1, 1999||202-224-0894|
Sen. Phil Gramm, chairman of the Senate Committee on Banking, Housing and Urban Affairs, issued the following statement on the completion and release today of the conference report on S. 900, the financial services modernization legislation, now called the Gramm-Leach-Bliley Act:
"The completion of the conference report sets the stage for passage of what will be the most important banking bill in sixty years – a bill that will benefit every consumer and every worker in America.
"The report and the legislation are well written and represent a victory for everything I believe in in the American economy, from greater competition in banking, securities and insurance to sunshine, accountability and regulatory relief in the Community Reinvestment Act.
"Like all important legislation, it has been hard to come by and required a herculean effort by all involved. I want to thank all of the Republicans and Democrats on the conference committee; the Treasury Department and the White House, and the Federal Reserve Board and the Securities and Exchange Commission.
"I hope we will get strong bipartisan support for the conference report and a strong bipartisan vote on the Senate floor."