The Treasury Department on Monday released a 150-page report on the future of the financial services industry.

"American Finance for the 21st Century" was required by Congress in the 1994 interstate branching law. It was due Dec. 31, 1995. Releasing the report with a one-page press release, Treasury did not explain why the report is nearly two years late.

"The study presents an extremely useful analytic framework for considering issues confronting the financial services system of the 21st century," Treasury Secretary Robert E. Rubin writes in the preface. "We hope the study will serve as a basis for further policy discussion and debate."

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