Senator Gramm said the measure "is the most important banking legislation in 60 years."
He introduced banking legislation, simplified and reduced the corporate tax.
It was formed in 1987 to influence banking legislation.
Separate banking legislation has been passed by each house and awaits action in conference.
House Democrats reached a compromise today that increased the chances of banking legislation being passed in the next few months.
The proposal goes considerably further than the interstate banking legislation passed this fall by Congress.
For the first time in almost five years, this Congress will pass important banking legislation.
During his tenure, however, Congress produced only one substantial piece of banking legislation.
The next day, he offered an amendment to pending banking legislation to put a 14 percent cap on credit card interest.
Over the years, positions on banking legislation have not generally broken along party lines.
