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Enron Mail |
I'm not sure if you guys are on this mail list but here is the most recent
message from Stacey at ISDA. ----- Forwarded by Mark Taylor/HOU/ECT on 10/26/2000 09:17 AM ----- Stacy Carey <SCAREY@ISDA.ORG< 10/25/2000 08:38 PM To: US REGULATORY COMMITTEE <USREGCOMM@isda.org< cc: Subject: CEA Update Senate Agriculture and Banking staff, Treasury, the CFTC and the SEC met this afternoon to discuss Senator Gramm's proposed changes. Preliminary reports indicate that agreement on 7 of the 34 issues was made earlier in the afternoon. It is unclear what the 7 items were, however, the meeting broke in order for Gramm's staff to brief the Senator on developments. When the meeting resumed Gramm's staff reportedly backed off the prior agreements. In sum, no progress was made at the end of the day. The staffs agreed to meet again tomorrow morning at 9:30 a.m. (On an side note Senator Gramm's staff indicated that only a handful of banks supported the bill) We also participated on a conference call with the AdHoc Coalition and the Chicago Futures Exchanges held by Tom Ewing this afternoon. Ewing advised that he had a discussion with Speaker Hastert who is well aware of the importance of this issue. He encouraged all of us to make renewed appeals to the House and Senate leadership and as many Senate contacts as possible. In my estimation, tomorrow will likely be our last opportunity to have any sort of impact on Senate activity. At the end of the day we will either have a deal or negotiations will have failed. I would suggest making the following contacts tomorrow morning with a simple message: 1) We are aware that the staffs are continuing to work on resolution of outstanding issues. 2) It is vitally important that these issues be resolved and that passage of the legislation occur this year. My recommendation would be to deliver this message to the following entities: 1. Senator Gramm -- since his staff is under the impression that only a handful of banks support the bill. 2. Senator Leadership -- Lott and Nickels 3. Senate Agriculture Committee Members - Republican and Democrats 4. Senate Banking Committee Members - Republican and Democrats 5. House Leadership - Hastert, Delay and Armey * Calls to Lugar are not necessary Finally, I am of the firm belief that this legislation stands a worse if any chance of enactment next year. We need to give this our best shot tomorrow! Many thanks! Stacy Carey Director North American Regulatory Policy International Swaps and Derivatives Association (202) 457-6545 ph (703) 256-1833 fax (917) 543-9622 cell scarey@isda.org
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