BANKING
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Banking Merger Plan Reported: The Clinton Administration will call for legislation to allow commercial banks, securities firms and insurance companies to merge, creating giant financial services companies that could offer everything from checking accounts to mutual funds and life insurance, a published report says. In a speech today, Treasury Secretary Robert E. Rubin will urge repeal of the Depression-era Glass-Steagall Act, federal officials told the New York Times. The law forces financial concerns to choose between owning commercial banks and owning securities companies. Rubin will also call for changes in the Bank Holding Company Act of 1956, which effectively bars most financial concerns from owning both commercial banks and insurance companies, the paper said.
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