Sen. Phil Gramm, chairman of the Senate Committee on Banking, Housing and Urban Affairs, has announced a schedule for committee consideration of financial services legislation, including dates for hearings and committee votes that will lead to a prompt passage of the legislation in the 106th Congress.

"Congress has been working for 20 years to revamp legislation that was written 60 years ago," Gramm said. "It is past time for Congress to give consumers the modern financial services system they deserve.

"Better financial services at lower cost to every American should be delayed no longer," Gramm said. "With the groundwork laid in the 105th Congress, we can have modernization legislation ready for the full Senate by early March."

The schedule announced by Sen. Gramm is as follows:

Tuesday, Feb. 16 -- Noon

Public release of staff draft of financial services legislation.
Available for pick up in Room 534, Dirksen Senate Building

Tuesday, Feb. 23

Alan Greenspan, Federal Reserve Board Chairman
Testimony on financial services legislation to follow
previously scheduled Humphrey-Hawkins testimony.
Room 106, Dirksen Building (NOTE ROOM CHANGE)

Wednesday, Feb. 24

Testimony from government witnesses, Room 106, Dirksen

Thursday, Feb. 25

Testimony from industry witnesses, Room 538, Dirksen

Friday, Feb. 26

Public release of mark-up draft of legislation.

Wednesday, March 3

Full committee mark-up of financial services legislation.