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Sen. Phil Gramm (R-Texas), head of the Senate Banking Committee, has ordered an in-depth review of U.S. securities laws that could lead to substantial reform of market regulation, the Financial Times of London reported. The review could bring about a reduction in the currently far-reaching powers of the Securities and Exchange Commission. “It is a very comprehensive review and in the very early stages,” said Christi Harlan, communications director for Gramm’s committee. Any attempt at a sweeping overhaul is likely to be quickly challenged in the House, and is also likely to be opposed by some Senate Democrats. The review comes as the SEC faces widespread changes, including the departure of Arthur Levitt, its chairman since 1993.