BANKING
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House Panel Passes Reform Bill: The Banking Committee approved legislation that would allow banks to link up with brokerage firms but not insurance companies. The panel voted 29 to 8 to approve the bill that would break down the Depression-era Glass-Steagall Act, which prevents commercial banks from underwriting securities. Lawmakers considered 41 amendments to the bill and passed 22. A controversial amendment to allow banks to also affiliate with insurance companies under a holding company was withdrawn by its sponsor after it became apparent there were not enough votes for its passage. The commerce committee now has 30 days to consider the bill; if it passes there, the full House will look at it.
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