WASHINGTON - The government's landmark proposal to allow bank subsidiaries to sell products and services barred for their parents was met with cheers from the industry, threats of legal action from securities firms, and protests from Congress.

About 50 banks, trade groups and other interested parties set out their views in comment letters to the Office of the Comptroller of the Currency. Comments were due in late January on the November proposal, which could change the face of banking by lowering the walls between commercial and investment banking.

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