Sen. Phil Gramm, chairman of the Senate Committee on Banking, Housing and Urban Affairs, has announced that the full committee will hold two hearings in New York City to address fees collected by the Securities and Exchange Commission as well as the regulatory and structural environment for the changing securities markets.

"We have long focused our regulations on competition among market participants," Gramm said. "Today we are faced with competition among the markets themselves. That requires a whole new approach to securities regulation."

Both hearings will be held in the 13th floor conference room at the Securities and Exchange Commission's Northeast Regional Office, 7 World Trade Center.

Monday, February 28, 2000

What: Banking Committee Hearing on The Competitive Market Supervision Act

When: 2 p.m.

Witnesses:

Arthur Levitt, Chairman
Securities and Exchange Commission

J. Patrick Campbell, Chief Operating Officer and Executive Vice President
The Nasdaq-Amex Market Group Inc.

Keith Helsby, Senior Vice President and Chief Financial Officer
New York Stock Exchange

Leopold Korins, President and CEO
Security Traders Association

Hardwick Simmons, President and CEO, Prudential Securities, Inc.
on behalf of the Securities Industry Association

Robert Seijas, Executive Vice President, Fleet Specialists
on behalf of the Specialists Association

Tuesday, February 29, 2000

What: Banking Committee Hearing on the Financial Marketplace of the Future

When: 9:30 a.m.

Witnesses:

Arthur Levitt, Chairman
Securities and Exchange Commission

Philip Purcell, Chairman and CEO
Morgan Stanley Dean Witter & Co.

Charles Schwab, Chairman
Charles Schwab & Co.

Henry M. Paulson, Chairman and CEO
Goldman Sachs & Co.

David Komansky, Chairman and CEO
Merrill Lynch & Co.

Allen Wheat, Chairman and CEO
Credit Suisse First Boston

Richard Grasso, Chairman and CEO
New York Stock Exchange

Frank Zarb, Chairman and CEO
National Association of Securities Dealers

Note to reporters: Print and radio media should check in at the 3rd floor concierge desk to obtain passes and access to the 13th floor. Television media should enter at the service and delivery entrance on Washington Street, between Vesey and Barclay Streets.

For more details on media access to the hearing, please contact Chris Ullman at the Securities and Exchange Commission, 202-942-0020, prior to Feb. 28.