I'm not sure if you guys are on this mail list but here is the most recent 
message from Stacey at ISDA.
----- Forwarded by Mark Taylor/HOU/ECT on 10/26/2000 09:17 AM -----

	Stacy Carey <SCAREY@ISDA.ORG>
	10/25/2000 08:38 PM
		 
		 To: US REGULATORY COMMITTEE <USREGCOMM@isda.org>
		 cc: 
		 Subject: CEA Update



Senate Agriculture and Banking staff, Treasury, the CFTC and the SEC met
this afternoon to discuss Senator Gramm's proposed changes.  Preliminary
reports indicate that agreement on 7 of the 34 issues was made earlier in
the afternoon.  It is unclear what the 7 items were, however, the meeting
broke in order for Gramm's staff to brief the Senator on developments.  When
the meeting resumed Gramm's staff reportedly backed off the prior
agreements.  In sum, no progress was made at the end of the day.  The staffs
agreed to meet again tomorrow morning at 9:30 a.m. (On an side note Senator
Gramm's staff indicated that only a handful of banks supported the bill)

We also participated on a conference call with the AdHoc Coalition and the
Chicago Futures Exchanges held by Tom Ewing this afternoon.  Ewing advised
that he had a discussion with Speaker Hastert who is well aware of the
importance of this issue. He encouraged all of us to make renewed appeals to
the House and Senate leadership and as many Senate contacts as possible.

In my estimation, tomorrow will likely be our last opportunity to have any
sort of impact on Senate activity.  At the end of the day we will either
have a deal or negotiations will have failed.  I would suggest making the
following contacts tomorrow morning with a simple message:  1) We are aware
that the staffs are continuing to work on resolution of outstanding issues.
2) It is vitally important that these issues be resolved and that passage of
the legislation occur this year.

My recommendation would be to deliver this message to the following
entities:

1.  Senator Gramm -- since his staff is under the impression that only a
handful of banks support the bill.
2.  Senator Leadership -- Lott and Nickels
3.  Senate Agriculture Committee Members - Republican and Democrats
4.  Senate Banking Committee Members - Republican and Democrats
5.  House Leadership - Hastert, Delay and Armey

* Calls to Lugar are not necessary

Finally, I am of the firm belief that this legislation stands a worse if any
chance of enactment next year.
We need to give this our best shot tomorrow!

Many thanks!

Stacy Carey
Director North American Regulatory Policy
International Swaps and Derivatives Association
(202) 457-6545 ph
(703) 256-1833 fax
(917) 543-9622 cell
scarey@isda.org