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Sarbanes To Take Chair of Senate Banking Committee

Banking to become primary issue, securities regulation to take a back seat?

By John M. Baker, Esq.

As a result of the recent decision by Sen. James Jeffords (R-Vt.) to change his registration to Independent and align with Democrats for organizational purposes, Sen. Paul Sarbanes (D-Md.) is expected to replace Sen. Phil Gramm (R-Tex.) as the Chairman of the Senate Banking Committee.

Sarbanes discussed his agenda at a press conference on May 24, 2001. The Sarbanes committee is expected to have an active consumerist agenda focusing on banking and related issues, with securities regulation having a distinctly secondary role. Sarbanes is a strong privacy advocate, and he has suggested that the Gramm-Leach-Bliley Act privacy rules may need to be strengthened. He indicated support for Harvey Pitt as the new Chairman of the Securities and Exchange Commission.

The American Banker’s report on the press conference is available online at

Copyright 2001, John M. Baker, Esq., Stradley, Ronon, Stevens & Young, LLP, 1220 19th Street, N.W., Suite 700, Washington, DC 20036 – (202) 822-9611- Fax (202) 822-0140 This article was originally posted to the FundLaw List, To subscribe to FundLaw, send a blank e-mail to

Nothing herein is intended as legal or financial advice. The law is different in different jurisdictions, and the facts of a particular matter can change the application of the law. Please consult an attorney or your financial advisor before acting upon the information contained in this article.  



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