[Congressional Record Volume 145, Number 65 (Thursday, May 6, 1999)]
[Daily Digest]
[Pages D491-D492]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]



                                              Thursday, May 6, 1999

[[Page D491]]

                              Daily Digest


HIGHLIGHTS

      Senate passed the Financial Services Modernization Act.


                                 Senate


Chamber Action
Routine Proceedings, pages S4821-S4935
Measures Introduced: Twenty-two bills and one resolution were 
introduced, as follows: S. 970-991, and S. Res. 98.      
  Pages S4887-88
Measures Passed:
  Financial Services Modernization Act: By 54 yeas to 44 nays, 1 member 
responding present (Vote No. 105), Senate passed S. 900, to enhance 
competition in the financial services industry by providing a 
prudential framework for the affiliation of banks, securities firms, 
insurance companies, and other financial service providers, after 
taking action on the following amendments proposed thereto: 
                                               Pages S4821-45, S4847-78
Adopted:
  By 95 yeas to 2 nays, 1 member responding present (Vote No. 102), 
Gramm Amendment No. 308, to strike a provision relating to a 3-year 
extension for BIF-member FICO assessments, to provide for financial 
information privacy protection, and to provide for the establishment of 
a consumer grievance process by the Federal banking agencies. 
                                                         Pages S4826-31
  Johnson Modified Amendment No. 309, to prevent the creation of new 
S&L holding companies with commercial affiliates, and to preserve the 
authority of existing unitary S&L holding companies. (By 32 yeas to 67 
nays, 1 member responding present (Vote No. 103), Senate earlier failed 
to table the amendment.)                       
Pages S4831-38, S4848-50
  Gramm (for Bennett) Modified Amendment No. 310, to benefit 
municipalities and local securities issuers by permitting banks to 
purchase municipal revenue bonds and securities in accordance with 
Section 23B(b)(2) of the Federal Reserve Act.            
Pages S4875-76
  Schumer Amendment No. 314, to provide for electronic fund transfer 
fee disclosures at any host automated teller machines, and to provide 
for disclosure of possible fees to consumers when ATM cards are issued.
                                                         Pages S4847-48
  Levin/Schumer Amendment No. 317, to ensure bank securities activities 
are regulated by securities regulators.                      
Page S4875
  Gramm/Sarbanes Amendment No. 318, relating to limitations on the 
retention of commodity activities and affiliations by bank holding 
companies.                                                   
Page S4876
Rejected:
  Shelby Amendment No. 315, to authorize subsidiaries of national banks 
to engage in certain financial activities, to protect the safety and 
soundness of any insured bank that has a financial subsidiary, and to 
provide for the functional regulation of financial subsidiaries. (By 53 
yeas to 46 nays, 1 member responding present (Vote No. 104), Senate 
tabled the amendment.)                                   
Pages S4850-64
  Dorgan Amendment No. 312, to prohibit insured depository institutions 
and credit unions from engaging in certain activities involving 
derivative financial instruments.                 
Pages S4843-44, S4876
  Dorgan Amendment No. 313, to subject certain hedge funds to the 
requirements of the Investment Company Act of 1940. 
                                                  Pages S4844-45, S4876
Withdrawn:
  Santorum Amendment No. 307, to require the obligations of the 
Financing Corporation to be paid from certain excess funds of the 
deposit insurance funds.                                 
Pages S4824-26
  Bryan Amendment No. 316, to give customers notice and choice about 
how their financial institutions share or sell their personally 
identifiable sensitive financial information.            
Pages S4865-68
Messages From the President: Senate received the following messages 
from the President of the United States:
  A message from the President of the United States, transmitting, a 
report on telecommunications payments to Cuba; referred to the 
Committee on Foreign Relations. (PM-24).                     
Page S4884

[[Page D492]]


  A message from the President of the United States of America, 
transmitting, a report entitled ``The State of Small Business'' for 
calendar year 1996; referred to the Committee on Small Business. (PM-
25).                                                     
Pages S4884-86
Juvenile Justice--Agreement: A unanimous-consent agreement was reached 
providing for the consideration of S. 254, to reduce violent juvenile 
crime, promote accountability by rehabilitation of juvenile criminals, 
punish and deter violent gang crime, on Tuesday, May 11, 1999. 
                                                             Page S4934
Appointments:
  U.S. Commission on International Religious Freedom: The Chair, on 
behalf of the President pro tempore, upon the recommendation of the 
Majority Leader, pursuant to Public Law 105-292, appointed Michael K. 
Young, of Washington, D.C., to the United States Commission on 
International Religious Freedom.                             
  Page S4934
Nominations Confirmed: Senate confirmed the following nominations:
  Arthur J. Naparstek, of Ohio, to be a Member of the Board of 
Directors of the Corporation for National and Community Service for a 
term expiring October 6, 2003.
  Ruth Y. Tamura, of Hawaii, to be a Member of the National Museum 
Services Board for a term expiring December 6, 2001.
  Chang-Lin Tien, of California, to be a Member of the National Science 
Board, National Science Foundation, for a term expiring May 10, 2004.
  Captain Evelyn J. Fields, NOAA for appointment to the grade of Rear 
Admiral (O-8), while serving in a position of importance and 
responsibility as Director, Office of NOAA Corps Operations, National 
Oceanic and Atmospheric Administration, under the provisions of Title 
33, United States Code, Section 853u.
  Joseph Bordogna, of Pennsylvania, to be Deputy Director of the 
National Science Foundation.
  Captain Nicholas A. Prahl, NOAA for appointment to the grade of Rear 
Admiral (O-7), while serving in a position of importance and 
responsibility as Director, Atlantic and Pacific Marine Centers, 
National Oceanic and Atmospheric Administration, under the provisions 
of Title 33, United States Code, Section 853u.
  1 Army nomination in the rank of general.
  15 Marine Corps nominations in the rank of general.
  Routine lists in the Coast Guard.                      
Pages S4934-35
Nominations Received: Senate received the following nominations:
  2 Air Force nominations in the rank of general.
  1 Army nomination in the rank of general.
  5 Coast Guard nominations in the rank of admiral.
  2 Marine Corps nominations in the rank of general.     
Pages S4934-35
Messages From the President:                             
  Pages S4884-86
Messages From the House:                                     
  Page S4886
Measures Referred:                                           
  Page S4886
Communications:                                          
  Pages S4886-87
Executive Reports of Committees:                             
  Page S4887
Statements on Introduced Bills:                        
  Page S4888-S4914
Additional Cosponsors:                                   
  Pages S4914-15
Amendments Submitted:                                    
  Pages S4918-28
Notices of Hearings:                                         
  Page S4928
Authority for Committees:                                
  Pages S4928-29
Additional Statements:                                   
  Pages S4929-33
Enrolled Bills Presented:                                    
  Page S4886
Record Votes: Four record votes were taken today. (Total--105). 
                                    Pages S4831, S4849-50, S4864, S4878
Adjournment: Senate convened at 9:30 a.m., and adjourned at 9:12 p.m., 
until 12 noon, on Monday, May 10, 1999. (For Senate's program, see the 
remarks of the Acting Majority Leader in today's Record on page S4934.)