Capital Briefs: Capitol Staffers Plying Pens on Reform Draft

final version of financial reform legislation Thursday, advocates anxiously waited, chasing down rumors about changes in various provisions.

Lawmakers and administration officials cut the last of several deals last Friday, clearing the bill's path to enactment. However, lawyers have taken longer than expected to translate the agreements into legislative language. The 66-member House-Senate conference committee had expected to see a final version Tuesday.

Conference committee Chairman Jim Leach reportedly ordered the staff to work into the early morning hours Thursday, and he remained in the room to referee disputes. Sources said aides to Democratic lawmakers objected to the way Sen. Phil Gramm's aides wanted to rewrite the provisions affecting the Community Reinvestment Act. Another touchy area has been the privacy provisions, according to Hill sources.

Speaking in New York on Thursday, Treasury Under Secretary Gary Gensler said administration officials will carefully review the final bill. "We're looking at every page and every paragraph to make sure it's consistent with the agreement."

Rep. Leach's spokesman said the final bill will be ready today. The Senate is expected to vote first, possibly as early as today, with action in the House early next week.

Fifty-five financial companies and 11 national trade groups signed a letter asking every member of Congress to support the Gramm-Leach-Bliley Financial Modernization legislation, calling it "a great step forward in improving our nation's financial services system."

-- Barbara A. Rehm

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