With help from encouragingly high places, the securitization industry heralded a swift victory over several undoubtedly detrimental provisions in the Employee Abuse Prevention Act (S. 2798/H.R. 5221), which was to be brought to the floor on Sept. 19 by Sen. Richard Durbin (D-Ill.) and Rep. William Delahunt (D-Mass.).
In just a few short months, several parties - ranging from the Bond Market Association to the private sector to academia - submitted comment letters to Sen. Durbin and others in positions of influence. Most significantly, on the day the bill would go before the Senate Judiciary Committee, the President's Working Group on Financial Markets submitted its own letter, signed by none other than Federal Reserve Chairman Alan Greenspan, Treasury Secretary Paul O'Neill, Securities & Exchange Commission Chairman Harvey Pitt, and Commodity Futures Trading Commission Chairman James Newsome, according to sources.