FOR IMMEDIATE RELEASE: CONTACT: CHRISTI HARLAN
Tuesday, May 4, 1999 202-224-0894

SUBCOMMITTEE ON FINANCIAL INSTITUTIONS
SCHEDULES HEARING ON BANKRUPTCY TREATMENT
OF SWAPS AND FORWARD CONTRACTS

Sen. Bob Bennett, chairman of the Subcommittee on Financial Institutions, has scheduled a hearing for 9:30 a.m. Wednesday, May 5, on the Financial Institutions Insolvency Improvement Act of 1999.

The legislation contains a number of amendments to the Bankruptcy Code that are designed to improve legal certainty for financial institutions that use risk-management tools such as forward contracts and swaps.

"This bill would strengthen the laws that enforce and protect certain financial agreements and transactions in the event that one of the parties involved becomes insolvent," Bennett said.

WHEN: Wednesday, May 5 at 9:30 a.m.

WHAT: Subcommittee on Financial Institutions

WHERE: 538 Dirksen Building

WHO:

Mr. William Kroener III
General Counsel,
Federal Deposit Insurance Corporation

Mr. Paul G. Scheufele
Managing Director, Credit Suisse First Boston

Mr. Don Thompson
Vice President & Assistant General Counsel,
J.P. Morgan & Company, Inc.

Ms. Marjorie E. Gross
Senior Vice President & Associate General Counsel,
Chase Manhattan Corporation

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