WASHINGTON -- The chairman of the House subcommittee studying reforms of the government securities market yesterday said he will press forward with legislation this year despite appeals by federal regulators for more time to study the implications of the recent Salomon Brothers Inc. bidding scandal.

"This area cannot wait that long," Rep. Edward Markey, D-Mass., chairman of the House Energy and Commerce Committee's subcommittee on telecommunications and finance, told a packed crowd at Congress's first hearing on reauthorization of the Government Securities Act of 1986 since Salomon Brothers officials revealed last month several instances of illegal bidding in Treasury auctions.

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