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To: Don Green who wrote (36734)	1/5/2000 2:21:00 PM
From: pater tenebrarum	Respond to of 99985

this morning CNBC Europe reported that the ECB had trouble draining the y2k surplus-to-requirements funds as 'dealers don't want to give the money back' LOL! hb

To: Don Green who wrote (36734)	1/5/2000 3:31:00 PM
From: Les H	Respond to of 99985

US SENATE GAMES STILL POSSIBLE ON GREENSPAN CONFIRMATION VOTE By John Shaw WASHINGTON (MktNews) - Federal Reserve Board Chairman Alan Greenspan has good reason to be encouraged by the torrent of praise he received from Senate leaders in the wake of President Clinton's decision to renominate him for a fourth term. Both Senate Majority Leader Trent Lott and Senate Minority Leader Tom Daschle warmly praised Greenspan and applauded Clinton's decision to keep him at the helm of the Fed for a fourth term. The chairman's current term does not expire until June. Senate Banking Committee Chairman Phil Gramm also praised Greenspan's renomination and set a hearing for Jan. 26. But Greenspan has had too much experience in the ways of Washington -- especially the Senate -- to expect his new confirmation vote will occur quickly or uneventfully during an election year. So the Fed chairman probably didn't take too much stock in the predictions that the Senate will approve his nomination promptly. Indeed, the Fed chairman probably even told a white lie in the Oval Office Tuesday when he said: "I look forward to Senate consideration." It is hard to imagine that Greenspan does not retain a grim memory or two of his three month Senate ordeal in 1996. After Clinton renominated Greenspan for a third term in the early spring of 1996, the Fed chairman seemed on a fast track for a quick Senate vote. The Banking Committee approved Greenspan's renomination as well as the nominations of Alice Rivlin and Lawrence Meyer in identical 16 to 0 votes on March 27. Senate leaders said confirmations of the three were likely by the April Easter recess. But Democratic Sen. Tom Harkin stepped in and blocked the quick confirmation votes. He demanded a three-day debate on Greenspan's tenure at the Fed, a request that was denied by then-Senate Majority Leader Robert Dole. Senate rules allow a single senator to delay votes for weeks. A long stalemate ensued that was ended only after Dole left the Senate and the new Majority Leader Lott agreed to Harkin's request. Greenspan was summoned to Harkin's office to discuss monetary policy with a small group of Democratic senators. The Fed chairman was kept waiting for almost fifteen minutes in Harkin's outer office and sat glumly between a TV set and a half-filled popcorn machine. Senate confirmation votes were eventually held June 20. Greenspan was approved on a 91-to-7 vote; Meyer was approved 98-0 and Rivlin 57-41. While Greenspan enjoys strong bipartisan support in the Senate there are a handful of lawmakers who are not sold on Greenspan's management of the Fed and conduct of monetary policy. Specifically, one group of Democratic senators from farm belt states is likely to demand some time to debate monetary policy. These include Byron Dorgan and Kent Conrad of North Dakota, Paul Wellstone of Minnesota and Harkin of Iowa.