Sen. Phil Gramm, chairman of the Senate Committee on Banking, Housing and Urban Affairs, made the following comments after meetings today with administration officials, including Treasury Secretary Lawrence Summers and National Economic Advisor Gene Sperling, regarding the Financial Services Modernization Act:

"With the chairmen's mark of Financial Services Modernization, we met the president's requirements. Now we're facing a set of new requirements.

"I am willing to make one last effort at compromise. If that fails, it would be my intention to take into account what the administration has proposed and write a new amendment dealing with the Community Reinvestment Act and present that to the conference.

"I remain committed to a real, full-fledged sunshine amendment that will make public the CRA-related agreements between banks and community groups. I do not understand why the administration is opposing a bipartisan amendment that was passed without opposition by the full Senate.

"The key question remains: does the administration want a bill?

"I will not kill this bill. I do not have the power to kill this bill. The president can kill this bill. But I think it is in the national interest to do this bill this year."