|
|
Enron Mail |
----- Forwarded by Tom Briggs/NA/Enron on 10/25/2000 08:01 AM -----
RAISLERK@sullcrom.com 10/25/2000 07:51 AM To: tom.briggs@enron.com cc: Subject: Fwd: CEA Update Bad News Senator Gramm's staff presented to the Senate Ag Committee Republican and Democratic staff and the Democratic staff of the Senate Banking Committee, Gramm's proposed changes to the CEA bill. This proposal is quite lengthy, and includes many amendments most of which were previously discussed with the House Agriculture Committee, some of which were included in House Agriculture Committee Saturday Night Draft of 10/8/00. Because of the length of the document we have only attached the summary that the Gramm staff provided. In separate e-mails to follow we will send only the pages of the House-passed bill that were changed by the Gramm proposal. As you know some of these provisions include matters objectionable to Treasury, SEC, CFTC, Chicago and New York Exchanges. Essentially the Gramm staff has included proposals which would allow retail and agency transactions as well as language designed to solve the Blackbird problem. As you also know the view of the Agencies and the Ag Comm is that some of these exclusions create loopholes which can allow some market participants to avoid the new Single Stock Futures regulatory design, the CFTC oversight of the energy market, and go far beyond the recommendations of the President's Working Group. The staffs of the Banking and Agriculture Committees have agreed to meet tomorrow late morning. We believe at that time the Agriculture Committee will propose a counter-offer which while addressing the Gramm major concerns will not adopt his proposal but instead rely on the Treasury proposals. If Senator Gramm is willing to work off this alternative a negotiation may result, otherwise it is unlikely that any agreement with Gramm will be reached. The Agriculture Committee is disinclined to repeat the debates held in the House Agriculture Comm. consideration of the bill. We welcome your reaction to the proposal. If you have questions or comments please do not hesitate to call Mary (973-5907), or George (973-5920). <<Gramm Summary.pdf<< ---------------------------------- This e-mail is sent by a law firm and contains information that may be privileged and confidential. If you are not the intended recipient, please delete the e-mail and notify us immediately. - Gramm Summary.pdf
|