WASHINGTON-When Charles E. Schumer defeated incumbent Alfonse M. D'Amato in New York's senatorial election last November, advocates of financial reform cringed.

More important than Sen. Schumer's stance on the issue was the chain reaction his upset victory caused: the dethroning of Sen. D'Amato as Banking Committee chairman and the crowning of Texas Sen. Phil Gramm.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.