FOR IMMEDIATE RELEASE                                  99-133

    Chairman Arthur Levitt Supports Amendments to Financial
                   Modernization Legislation

     Washington, DC, October 14, 1999 -- Securities and
Exchange Commission Chairman Arthur Levitt today sent the
following letter to Sen. Phil Gramm, Rep. James Leach, and Rep.
Thomas Bliley regarding the financial modernization legislation
now being considered by the Congress.  In his letter, Chairman
Levitt praised securities amendments to be offered by Senator
Gramm that significantly strengthen investor protections
contained in the pending Glass Steagall reform legislation.

     Text of the letter:

     As you know, the Securities and Exchange Commission
     has long supported financial modernization
     legislation that provides the protections of the
     securities laws to all investors.  I believe that
     the changes to the securities laws contained in the
     proposed amendments to the Chairmen's Mark that we
     agreed upon today will significantly strengthen the
     investor protections of the bill.
     
     With the approval of those amendments, which I
     understand you are distributing now, I
     enthusiastically support the securities provisions
     contained in the Mark.
     
     I appreciate your willingness to work with  us on
     these provisions to protect investors.

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