Trying to resuscitate legislation reforming the nation's financial laws, three executives-one each from banking, securities, and insurance-have come up with a compromise.

The plan by Norwest Corp. chairman Richard M. Kovacevich; John G. Turner, chairman of ReliaStar Financial Corp.; and Irving Weiser, chairman of Dain Rauscher Inc., would protect banks selling insurance and securities from interference by state regulators. In return, competitors in these other industries would gain power to challenge bank powers in court.

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