>Wednesday, June 2, 1999
>
>The Lobbyists: Leach, Gramm Talk Up Dueling Reform Bills
>
>By Dean Anason
>
>The House and Senate Banking Committee chairmen have been lobbying the
>lobbyists on financial reform. While a House Commerce subcommittee was voting
>on the legislation last week, Rep. Jim Leach and Sen. Phil Gramm met with the
>Financial Services Council.
>
>Sen. Gramm crowed that he got exactly the bill he wanted through the Senate
>last month -- tougher on powers for bank subsidiaries than the House version
>but weaker on community reinvestment requirements. He claimed this version
>gives him optimal negotiating leverage in a conference committee.
>
>But Rep. Leach bragged as well, noting House Banking's overwhelming 51-to-8
>vote on the bill in March. (The Senate bill, by contrast, passed 54-to-44 on
>a largely party-line vote.)
>
>Sen. Gramm also made his case to 10 Republican members of House Banking last
>week, stumping for his bill's small-bank exemption and other rollbacks of the
>Community Reinvestment Act. The Texas Republican's 45-minute presentation,
>combining folksy humor and detailed charts, reportedly made an impression.
>
>"There was a general feeling we ought to take a second look" at Sen. Gramm's
>CRA-related proposals, an aide to Rep. Richard H. Baker said.
>
>But Rep. Leach cautioned those fellow members to take President Clinton's
>veto threat seriously. "He reiterated the need to get a bill that was
>acceptable to the administration," Rep. Leach's spokesman said.
>
>
>
>If the House does pass financial reform legislation, expect a fight in the
>Senate over who gets appointed to the conference committee.
>
>Sens. Robert Bennett and Rod Grams, who head key Senate Banking
>subcommittees, are likely candidates.
>
>But they voted against Sen. Gramm on the pivotal amendment setting powers for
>direct bank subsidiaries, as did Sen. Richard C. Shelby.
>
>After the Senate adopted the bill May 6, Sen. Gramm reportedly tried to slip
>through a motion putting three Republican committee allies on the conference
>panel: Sens. Wayne Allard, Connie Mack, and Michael B. Enzi. It failed when
>Democrats objected.
>--

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