WASHINGTON -- The House Banking Committee on Friday approved the most sweeping revisions in banking law in almost 60 years, but the fate of the legislation now rests in the hands of House Speaker Thomas S. Foley.

The legislation, which would allow investment and commercial banks to affiliate with each other for the first time since the Glass-Steagall Act of 1933 was passed, must now survive the scrutiny of the House Energy and Commerce Committee, the panel that has jurisdiction over securities matters.

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