Sen. Rod Grams, chairman of the Subcommittee on Securities, has announced that the subcommittee will hold a hearing on adapting the 1930s' model for corporate financial reporting to accurately reflect the current state of technology and the economy.

"A global economy, an inflation-free environment and giant leaps in technology have all contributed to what we now call a `New Economy,' " Grams said. "Bricks and mortar have been replaced by intellectual property as the primary symbol for value in these new times.

"Not surprisingly, our historic financial reporting models are hard pressed to capture value and maintain their relevance in these changing times," Grams said. "Our hearing will help us focus on how to update our financial models to be more useful to the investing public."

WHAT:

Securities Subcommittee
Hearing on Financial Reporting in the 21^st Century

WHEN:

10 a.m. Wednesday, July 19, 2000

WHERE:

Room 538 Dirksen Senate Building

WHO:

Mr. Steve M. Samek
Partner
Arthur Andersen
Chicago, Illinois

Mr. Robert K. Elliott, Partner
KPMG
New York

Professor Baruch Lev
Professor of Accounting and Finance
New York University

Peter J. Wallison
Resident Fellow
American Enterprise Institute

Michael R. Young
Partner
Willkie Farr & Gallagher