[Congressional Record Volume 145, Number 133 (Tuesday, October 5, 1999)]
[Senate]
[Pages S11949-S11950]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                    MILLENNIUM DIGITAL COMMERCE ACT

  Mr. ABRAHAM. Mr. President, I wonder if the Chairman of the Banking 
Committee, Senator Gramm, would agree to a short colloquy with respect 
to the issues we are currently addressing in S. 761, the Millennium 
Digital Commerce Act.
  Mr. GRAMM. I am pleased to discuss this legislation with my colleague 
from Michigan.
  Mr. ABRAHAM. It is my understanding that the Banking Committee is 
currently reviewing this legislation and the impact it might have on 
banking regulations and law.
  Mr. GRAMM. As I understand it, one proposed amendment to S. 761 
contains language which would preclude the use of electronic records by 
business in instances where there is a state law or regulation 
affecting that record and that notification and disclosure requirements 
in particular would be precluded from being sent electronically.
  Mr. ABRAHAM. That is correct.
  Mr. GRAMM. That, Mr. President, is what causes some concern. I would 
say to the Senator from Michigan that I understand what your 
legislation intends to do and I support the goals of this bill, but 
notification and disclosure requirements are the responsibility of the 
Banking Committee. At this time, the Federal Reserve is formulating 
regulations for the use of electronic records by banks and mortgage 
providers, and notification and disclosure requirements will be a part 
of the proposed rules.
  For that reason, I believe the Banking Committee should have the 
opportunity to consider this matter.
  Mr. ABRAHAM. I thank my colleague for explaining his thoughts on

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this bill. While I would note that the opportunities presented by 
electronic records go beyond banks, it is certainly not my intention to 
have this bill interfere in the jurisdiction of the Banking Committee. 
Therefore, I would ask the Chairman whether the portion of the language 
pertaining to records would best be removed from the bill and left for 
further work by the Banking Committee.
  Mr. GRAMM. Yes it would. I would also say to the Senator from 
Michigan that, with this modification, I would have no further 
objection to the consideration of this bill. Also, I want to once again 
express my support for what the Senator is seeking to accomplish and 
pledge to assist him in this effort.
  Mr. ABRAHAM. I thank the distinguished Chairman for his input.
  Mr. GRAMM. I thank my colleague from Michigan.

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