The Mudcat Café TM
Thread #114650   Message #2458154
Posted By: Sawzaw
06-Oct-08 - 02:37 AM
Thread Name: BS: The Bailout
Subject: RE: BS: The Bailout
# March 4, 1999 -- Senate Banking Committee approves the Financial Services Modernization Act of 1999.

# April 28, 1999 -- Senate Banking Committee formally files the Financial Services Modernization Act in the Senate.

# May 6, 1999 -- The Senate approves S. 900, Financial Services Modernization Act of 1999.

# July 1, 1999 -- The House of Representatives approves H.R. 10.

# July 23, 1999 -- Senate Banking Committee's 20 members named to conference.

# July 30, 1999 -- House appoints members to conference.

# August 3, 1999 -- Conference committee holds first meeting.

# October 12, 1999 -- Chairmen Gramm, Leach and Bliley release chairmen's mark.

# October 22, 1999 -- Conference committee holds final meeting; names bill the Gramm-Leach-Bliley Act.

# November 2, 1999 -- Conference report signed by majority of conferees, clearing way for votes in House and Senate.

# November 4, 1999 -- Gramm-Leach-Bliley Act passes the Senate 90-8 and the House 362-57.


CC is referring to a vote on May 6, 1999, not the vote on November 4, 1999. It was not known as GLBA in May.

It is confusing and I could be wrong but in all the great oratory on the subject, I hear November 4, 1999 is when the final version of the bill passed.

Wiki: Nov 4, 1999: After passing both the Senate and House the bill was moved to a conference committee to work out the differences between the Senate and House versions. Democrats agreed to support the bill after Republicans agreed to strengthen provisions of the Community Reinvestment Act and address certain privacy concerns. The final bill resolving the differences was passed in the Senate 90-8-1 and in the House: 362-57-15. This 'veto proof legislation' was signed into law by President Bill Clinton on November 12, 1999

Washington Post, October 13, 1999:

"House and Senate Republicans yesterday unveiled a newly revised version of a bill to revamp banking law, but the White House said the proposed legislation inadequately protected consumers, didn't resolve other issues and would still result in a presidential veto. 'The administration is disappointed,' Treasury Secretary Lawrence H. Summers said of the bill and of the Republicans' decision to work on it behind closed doors without the help of Democrats."

Democrats only acceded to the newly veto-proof bill after Republicans agreed to strengthen provisions of the Community Reinvestment Act and correct privacy concerns the original version failed to address.