(August 14, 2000) Michael P. Smith is president of the New York Bankers Association. Serving on a special task force and testifying before the House Banking Committee, Mr. Smith has played an extremely instrumental role in crafting the Financial Modernization Act of 1999. He has also implemented a range of legislative and educational programs for New York State’s commercial banking industry and was the recipient of the 1996 Medal of Life from Pius XII Foundation.

	Introduction
In this edition our featured topic is The Passage of Gramm-Leach-Bliley -- What’s Still in Store? And our guest today is Mr. Michael P. Smith, president of the New York Bankers Association.

	Question 1
What role did you personally play in the crafting of the landmark Gramm-Leach-Bliley Act?

	Question 2
So you were asked to duplicate on a national level what you had done at a state level in New York?

	Question 3
What made this initiative compelling enough for you to devote such resources to it from the beginning, even when it was only at the state level?

	Question 4
What reasons -- other than profit -- did industry executives give for pushing so hard for this legislative change?

	Question 5
So have expectations of increased efficiency, regulatory consistency, unity and the bottom line been met?

	Question 6
Did you receive opposition from the Senate Banking Committee or from other influential groups who were resistant to making this change?

	Question 7
What measures are being taken to make sure that consumer privacy is still intact?

	Question 8
Which regulatory department holds the responsibility for implementation of this bill at the national and state level?

	Question 9
Do you have any personal responsibility in the implementation process, now that the bill has been passed?

	Question 10
Have there been any unforeseen difficulties with financial service providers, insurance providers or legislative departments struggling with implementation?

	Question 11
What’s likely to be the most successful business model for the banks to follow? To hire -- or to acquire or purchase?

	Question 12
You worked on the passage of Gramm-Leach-Bliley for the last 25 years. What’s next on your agenda?

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