William Isaac's commentary on Sen. Phil Gramm's opposition to the Community Reinvestment Act and its effect on financial modernization ("In Reform Bill Talks, Gramm's CRA Stance Merits a Hearing," Sept. 30, page 6) is deeply flawed by his reliance on information that Sen. Gramm has misleadingly propagated.

Mr. Isaac states that "more than $9 billion has been pledged (as part of CRA agreements) to community groups protesting mergers...." This mischaracterization of information given to Sen. Gramm's staff by the National Community Reinvestment Coalition is typical of the kind of distortions that are being advanced by the senator.

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