Sen. Phil Gramm, chairman of the Committee on Banking, Housing and Urban Affairs, has announced that the full committee will hold a hearing at 2:30 p.m. Wednesday, February 14, on S.143, the Competitive Market Supervision Act of 2001. The bill, introduced January 22, would save investors money by reducing the fees collected on securities registration and transactions. The bill would strengthen the SEC by allowing the agency to bring the pay of its employees in line with the pay of other federal financial regulators.

"The Competitive Market Supervision Act is a bipartisan proposal that is important to every worker, to every saver and to every investor in America," Gramm said. "Not only does it reduce the excessive fees that impose a very heavy tax on people who try to provide for their future, but it also raises pay at the SEC to guarantee that we can recruit and retain quality people."

WHAT:

Saving Investors Money and Strengthening the SEC

WHEN:

2:30 p.m. Wednesday, February 14, 2001

WHERE:

Room 538, Dirksen Senate Building

WHO:

The Honorable Laura Unger
Commissioner
Securities and Exchange Commission

Mr. Robert Fagenson
Vice Chairman, Van Der Moolen Specialists
Testifying on behalf of the Specialists Association

Mr. Lon Gorman
President, Capital Markets and Trading Group, Charles Schwab Corp.
Testifying on behalf of the Securities Industry Association

Mr. James E. Burton
Chief Executive Officer
California Public Employees Retirement System (CalPERS)

Mr. Leopold Korins
President and Chief Executive Officer
Security Traders Association

Mr. Robert Forney
Chief Executive Officer
Chicago Stock Exchange

Note: A summary of S.143 can be found under Documents on the Banking Committee's web site at http://banking.senate.gov.