FROM THE OFFICE OF PUBLIC AFFAIRS

Today, the House passed H.R. 4541, the Commodities Futures Modernization Act of 2000 (by an overwhelming majority). This legislation, if enacted, would modernize our legal and regulatory framework of over-the-counter (OTC) derivative transactions and markets. In so doing, it would implement many of the unanimous recommendations of the President's Working Group on Financial Markets.

It is important that H.R. 4541 be enacted promptly. This legislation promotes innovation and competition in the U.S. financial markets and may help to reduce systemic risk.

We applaud the efforts of the House in passing H.R. 4541. We look forward to continuing to work on a bipartisan basis to achieve a consensus bill and urge the Senate to act expeditiously to ensure that this important legislation is enacted this year.