Sen. Bob Bennett was named chairman of the Banking Committee's financial institutions subcommittee Wednesday.
"Financial modernization will once again be a priority for the Senate Banking Committee this year and the financial institutions subcommittee will play a key role in rewriting our antiquated banking laws," the Utah Republican said in a written statement. "This chairmanship puts me in a position to steer discussion and protect the interests of Utah's financial institutions."
Sen. Bennett received a waiver needed under Senate rules to head the subcommittee and keep his post as chairman of the Special Committee on the Year-2000 Technology Problem. With his status clarified, the remaining subcommittee chairmanships were expected to be announced late Wednesday.
The anticipated selections are: Sen. Rod Grams, R-Minn., for securities; Sen. Wayne Allard, R-Colo., for housing and transportation; and Sen. Connie Mack, R-Fla., for economic policy. Banking Committee Chairman Phil Gramm said Tuesday that Sen. Michael B. Enzi, R-Wyo., will be chairman of the international trade and finance subcommittee.