(October 13 – 15:50 ET) – The U.S. Congress is close to tearing down the legislative barriers between banks, securities firms and insurers, although the Clinton administration has indicated that the president will likely veto the “Financial Services Act of 1999.”
A joint committee of the House of Representatives and the U.S. Senate is set to begin final work on the legislation tomorrow. A compromise involving increased consumer protection is keeping the bill on track.
The committee has been trying to reconcile competing bills from the House and the Senate tabled that were this summer. One sticking point remains: the question of who regulates the nation’s banks – the U.S. Treasury or the U.S. Federal Reserve Board.
The Securities Industry Association, the trade association for the securities industry, is supporting the joint committee’s efforts.
-IE Staff
For more please see: