Sen. Phil Gramm, chairman of the Senate Committee on Banking, Housing and Urban Affairs, said today that Senate Majority Leader Trent Lott has scheduled May 3 for floor consideration of S. 900, the Financial Services Modernization Act of 1999. Gramm made the following statement after meeting with Lott, Senate Minority Leader Tom Daschle and Sen. Paul Sarbanes, ranking Democrat on the Senate Banking Committee.

"We had a good discussion. We did not reach an agreement on the issues in dispute. I remain open as I have been in the past to meet with Sen. Sarbanes to reach a bipartisan agreement.

"In our meeting, I offered to discuss compromise language on the standards that protest groups would have to meet in challenging banks that have strong historical records of CRA compliance. I also suggested that one approach a `sunshine amendment' that would simply make all CRA agreements public.

"We do not have an agreement now other than to bring the bill to the floor, present amendments and start the debate.

"My job as chairman is to try to pass this bill. It's a bill that's important to all three industries that are directly affected and even more important to their customers. I hope we don't encounter gridlock on this bill. It's way past time for Congress to deliver modern financial services."