Capital Briefs: Securities Group Pushing for Glass-Steagall Vote

The Securities Industry Association said Thursday that it wants the House to vote on Banking Committee Chairman Jim Leach's Glass- Steagall reform plan - even though the group opposes many provisions in the bill.

In a letter to Rep. Leach, the association complained that the bill gives states too much power to block bank and insurance company affiliations and gives the Federal Reserve too much power over financial holding companies that own banks.

But it said passage of Mr. Leach's bill will pressure Senate Banking Committee Chairman Alfonse M. D'Amato to move his Glass-Steagall reform bill, which the industry prefers because it allows nonfinancial companies to merge with banks. Sen. D'Amato has promised to move his bill once the House finished work on its version.

For reprint and licensing requests for this article, click here.
MORE FROM AMERICAN BANKER