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Enron Mail |
----- Forwarded by Mark Taylor/HOU/ECT on 02/28/2001 04:44 PM -----
Stacy Carey <SCAREY@ISDA.ORG< 02/28/2001 03:52 PM To: US REGULATORY COMMITTEE <USREGCOMM@isda.org< cc: "'Frank Hampton'" <fhampton@bondmarkets.com<, "'Seth GROSSHANDLER'" <sgrosshandler@cgsh.com< Subject: Bankruptcy Update Senate Activity - The Senate Judiciary Committee completed its mark-up today on S.220. Senator Schumer offered an amendment reflecting the majority of our amendment package. The Schumer Amendment was adopted except for provisions relating to Section 708 which received objection by Senator Grassley. Schumer's staff indicated they will attempt to work this out w/Grassley before floor consideration tomorrow. House Activity - The House Rules Committee made in order the Oxley-LaFalce amendment, which reflects the majority of our netting amendment package. Better news is that the amendment is alloted only 10 minutes of debate. Note that the Financial Services Committee was not able to get language on Section 708 and the SEC savings language included in the legislation due to objection by the House Judiciary Committee. The amendment will be offered on the House floor tomorrow. Attached is the Oxley Amendment filed with the Rules Committee and the letter we circulated to Chairman Drier, House Leadership, and contacts on the Financial Services, Judiciary and Agriculture Committees. The SEC issue prevented release of our letter earlier because they would not authorize PWG agreement without the savings clause language. They were convinced to withdraw their objection on a promise that the Financial Services Committee would work to get this language adopted in conference. Additionally, we understand that Chairman Sensenbrenner may grumble about the Oxley amendment but will not raise any formal objection. To the extent you are able I would recommend sharing our letter with any contacts you have with Members that are inclined to be involved in tomorrow's debate and are inclined to be helpful -- particularly those on the Financial Services and Judiciary Committees. Note: Due to the SEC snafu we were not able to circulate the letter to the Senate today. We are attempting to rework the letter to reflect the Schumer amendment in hope that it still may be useful tomorrow. - HR333_002.PDF - Netting Amendments.doc
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