60/40 ownership rule yesterday.

Sen. Burgess said allowing foreign capital to grow in a controlled way would be essential toward helping the Island's economy.

His comments came after Government Senator Michael Scott described new standards for the conduction of electronic transactions as "vital in helping maintain our reputation as a hub for this type of activity''.

Sen. Burgess said Government was "warbling on about the icing before the cake's even been properly baked''.

He voiced support for the Bank of Bermuda's request for exemption from the 60/40 rule in order to list on overseas exchanges such as Nasdaq.

At this, Government Senate Leader Milton Scott asked: "Are you on the board (of the Bank of Bermuda)?'' Sen. Burgess replied: "No, I'm not on the board, but I am on board with what Bermuda needs.'' Sen. Burgess added he felt jobs for Bermudians were "contingent'' on commerce being allowed to function properly.

"We must grow the economy,'' he said. "It is from there that we will generate our next generation of bankers and investors.

"While it does make good sense to make sure (electronic transaction) standards are in place, the economy must grow and institutions must be afforded the opportunity to take part in it.'' Sen. Burgess called for plans to implement a "controlled growth pattern'' in recognition that "just because some things served us well at one time, it doesn't mean they always will do so''.