The House and Senate Banking Committee chairmen have been lobbying the lobbyists on financial reform. While a House Commerce subcommittee was voting on the legislation last week, Rep. Jim Leach and Sen. Phil Gramm met with the Financial Services Council.

Sen. Gramm crowed that he got exactly the bill he wanted through the Senate last month - tougher on powers for bank subsidiaries than the House version but weaker on community reinvestment requirements. He claimed this version gives him optimal negotiating leverage in a conference committee.

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