GRAMM, GRAMS PREPARING SECURITIES MARKETS ENHANCEMENT ACT

Sen. Phil Gramm, chairman of the Senate Committee on Banking, Housing and Urban Affairs, has joined Sen. Rod Grams, chairman of the Subcommittee on Securities, in seeking broad public input on legislation that will bolster the efficiency of U.S. stock and bond markets.

"Building on the Banking Committee's recent success in passing legislation to remove the walls between securities, banking and insurance, we now look forward to focusing on the securities markets and doing what we can to improve their quality and pricing for investors," Gramm said. "We want to hear ideas from issuers, underwriters, regulators and, most important, the people they serve."

After collecting ideas, Gramm and Grams said they expect to begin drafting the Securities Markets Enhancement Act in early April.

"America's financial markets are the envy of the world, and as chairman of the securities subcommittee, I am committed to ensuring they remain so," Grams said. "That is why I am excited about working with Phil Gramm in drafting legislation that will enhance the nation's securities markets by updating obsolete and outdated regulations.

"To do a good job, though, we need the help of the people who invest and work in the markets, which is why we're requesting ideas for inclusion in the Securities Markets Enhancement Act," Grams said.

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