Democrats will not support the financial reform bill crafted by Republican leaders, the House Banking Committee's top Democrat said Friday. "I have long supported the goal of financial modernization," said Rep. John J. LaFalce, D-N.Y., but "this proposal does not take us where we need to go."

The bill-which the House Banking and Commerce committees released last week-would hurt banks and thrifts because it weakens the thrift charter and diminishes the value of the national bank charter, he said in a statement.

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