Senator Gramm served six years in the US House and eighteen years in the US Senate. His legislative record includes landmark bills like the Gramm-Latta Budget, which reduced federal spending, rebuilt national defense and mandated the Reagan tax cut, and the Gramm-Rudman Act, which placed the first binding constraints on federal spending. As Chairman of the Banking Committee, Senator Gramm steered through legislation modernizing banking, insurance and securities law, which had been languishing in Congress for 60 years. The Gramm-Leach-Bliley Act allowed banks, securities firms and insurance companies to affiliate as part of a Financial Services Holding Company.