Sen. Richard Lugar, chairman of the Senate Agriculture Committee, and Sen. Phil Gramm, chairman of the Senate Banking Committee, today applauded the completion of the Commodity Futures Modernization Act of 2000, a bill that will reauthorize the Commodity Exchange Act, repeal the ban on single stock futures and provide legal certainty for the swaps market.

"Strengthening our markets and remaining competitive with foreign markets are critical to the American business community, farmers, investors and the exchanges," Lugar said. "This legislation, the culmination of years of work by the House and Senate agriculture and banking committees, the President's Working Group on Financial Markets and industry participants, ensures that the United States remains a global leader in the derivatives marketplace and that these markets are appropriately and effectively regulated.

"I commend Rep. Tom Ewing and Senator Phil Gramm for their hard work and leadership in cultivating this agreement," Lugar said. "Rep. Ewing's achievements will long be remembered, even as he retires from the House of Representatives this year."

The bill is expected to win passage in Congress tomorrow.

"We have completed negotiations on the commodities bill," Gramm said. "It will allow new and important financial products -- single stock futures -- to be sold in America. It protects financial institutions from over-regulation. It provides legal certainty for the $60 trillion market in swaps.

"This legislation is important to every American investor," Gramm continued. "It will keep our markets modern, efficient and innovative, and it guarantees that the United States will maintain its global dominance of financial markets.

"This bill completes the work of last year's financial services modernization, bringing our financial regulation in line with the rapid pace of developments in the global marketplace," Gramm said. "I want to commend the efforts of my colleagues in the House and Senate, as well as the members of the President's Working Group on Financial Markets."

Contacts:

Senator Lugar
Tiffany Steele 202-224-7435

Senator Gramm
Christi Harlan 202-224-0894