Repeal of the Glass-Steagall Act is shaping up as a front-burner issue in both the House and Senate banking committees. The principal obstacle to repeal in years past had been Rep. John Dingell, former chairman of the House Energy and Commerce Committee, who almost single-handedly blocked serious discussion of the issue.

With Mr. Dingell relegated to minority status, the major remaining hurdle is a looming debate over the Bank Holding Company Act. The securities firms view Glass-Steagall repeal, standing alone, as a one-sided deal.

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