Meanwhile, the life insurance industry has come out against the banking panel's Glass-Steagall repeal measure.

The American Council of Life Insurance said the measure is far from being "insurance-neutral," as committee Chairman Jim Leach, R-Iowa, had described it.

"Silence on the issue of insurance is not neutrality as far as we are concerned," said Gary E. Hughes, vice president and chief counsel of securities and banking for the council.

The group's main complaint is that the legislation does not address a recent ruling by the Comptroller of the Currency that certain insurance products, such as annuities, are "incidental to banking."

"The ACLI is concerned that the Comptroller's decision will lead to consumer confusion in the marketplace as well as create grave competitive inequities for insurers," the group said.

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