Sen. Phil Gramm, chairman of the Senate Committee on Banking, Housing and Urban Affairs, has announced the procedures for media review of the testimony of Federal Reserve Board Chairman Alan Greenspan and the report on monetary policy. The testimony and report will be delivered at 10 a.m. Thursday, July 20, in Room 216 of the Hart Senate Building.

Lock-up Procedures: Prior to the hearing, members of the media with congressional credentials will be permitted to review the monetary policy report and Chairman Greenspan's testimony. Members of the media planning to attend the lock-up and/or hearing must register with the Senate press galleries.

All material is strictly embargoed until 10 a.m. July 20.

Lock-up Location: Room 538, Dirksen Senate Building.

Set Up: Computers may be placed in the room between 7:30 and 8:15 a.m. July 20. The room will be cleared at 8:15 a.m. The report and testimony will be distributed in the room at that time. At 8:30 a.m., members of the media will be readmitted. No one leaves the room until 9:45 a.m.

Filing: Telephone lines may be installed in the committee room to facilitate filing after the embargo ends. Members of the media should contact Bell Atlantic directly for phone-line installation. All phone installation must be completed by 6 p.m., July 19. When placing the installation order, the following address should be used:

The Banking Committee and the Senate bear no responsibility for the installation of phone lines or the provision of phone-line extension cords.