Sen. Phil Gramm, chairman of the Senate Committee on Banking, Housing and Urban Affairs, issued the following statement today after House members were named to the conference committee on S. 900, the Financial Services Modernization Act. The Senate approved its conferees July 22, naming all 20 members of the Senate Banking Committee to the conference.

"I look forward to working with my House colleagues on what can be a historically important piece of legislation for all of our constituents," Gramm said. "We have a lot of work to do, but with diligence, we can deliver the reforms this year that will make financial services more affordable and more widely available than ever before.

"I am pleased that as we begin this process, the House saw fit to withdraw one of the privacy provisions that was added to its bill. I continue to believe that privacy is such an important issue that we should take our time and not make changes that have unintended consequences."