House Commerce Committee Chairman Thomas Bliley Jr. will not introduce Glass-Steagall repeal legislation, despite reports that a bill was in the works.

"No bill is written and no bill is planned," said Mike Collins, Commerce Committee spokesman.

Speculation about a possible Commerce Committee bill prompted a Democratic congressional staffer last week to predict that turf battles with the Banking Committee would prevent financial modernization from advancing in the House.

House Banking Committee Chairman Jim Leach said he plans to introduce his Glass-Steagall repeal bill in January.

During the last Congress, Rep. Bliley and House Rules Chairman Gerald Solomon insisted that Rep. Leach's plan include restrictions on bank insurance sales. Industry fights over those restrictions ultimately killed the legislation.

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