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Enron Mail |
Thanks. Mark
Cynthia Sandherr@ENRON 10/20/2000 05:14 PM To: Mark Palmer/Corp/Enron@ENRON cc: Mark E Haedicke/HOU/ECT@ECT, Mark Taylor/HOU/ECT@ECT, Steven J Kean/NA/Enron@Enron, Richard Shapiro/NA/Enron@Enron, Joe Hillings/Corp/Enron@ENRON, Tom Briggs/NA/Enron@Enron, Chris Long/Corp/Enron@ENRON Subject: Commodities Legislation Mark: just a "heads up" that we may be called to react to this attached NYMERX press release since Enron added the provisions they oppose in the release. H.R. 4541 passed the House 377-4 last evening and Enron strongly supports the legislation (I will e-mail Ken Lay's letter to Chairman Combest which expresses our support plus some talking points for your information.) There is a real opportunity to enact this legislation this Congress. The last deal which needs to be cut is with Senator Gramm (he is the only obstacle to enactment in the Senate.) The "Energy Provisions" discussed in this press release are NOT IN PLAY and will not be changed in the Senate. It is other provisions which do not directly affect Enron which are being negotiated. Contrary to this release's statement, no House member (other than one member who didn't make it for the vote,Congressman Baker) is asking for changes in the Senate. The overwhelming numbers speak for themselves. All and all, this press release is outlandish. This will be our highest priority next week and changes occur by the hour. Please call if you do indeed get press calls and need our assistance. Many thanks. EXCHANGE EXPRESSES OUTRAGE AT HOUSE PASSAGE OF H.R. 4541 NEW YORK, NY, October 20, 2000 -- In response to passage by the House of Representatives last night of H.R. 4541, the Commodity Futures Modernization Act of 2000, New York Mercantile Exchange Chairman Daniel Rappaport issued the following statement: The New York Mercantile Exchange finds it particularly egregious that, by approving subsection (g) (3) of Section 106, the House would not only remove the energy and metals marketplaces from public scrutiny and regulatory oversight, but also do this in a fashion that discriminates between established markets versus start-up electronic forums. It is particularly outrageous, at a time when every U.S. consumer is feeling the impact of high energy prices, to allow lobbying by a small group of vested interests to influence Congress to take these markets out of the public eye and create an advantage for people to trade on private, proprietary systems lacking the protections of a neutral self-regulatory organization. Policy makers, regulators, and the American public will be deprived of currently available information on market participation, concentration, and financial performance. This is not only a matter of ill-conceived public policy but is also anti-competitive and directly contrary to the recommendations made by the President'sWorking Group on financial markets. Even House members who voted in favor of the bill have been publicly quoted as saying that it must be changed in the Senate. The New York Mercantile Exchange plans to fight adamantly at the Senate level to demand that this subsection either be eliminated or be amended to create a consistent regulatory policy for electronic and open outcry markets. # # # ---------------------------------- This e-mail is sent by a law firm and contains information that may be privileged and confidential. If you are not the intended recipient, please delete the e-mail and notify us immediately.
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