after more than two decades of struggle. But if I had to wager on an outcome right now, I would bet against passage this year.

There are two major roadblocks. The first is the question of what activities can be conducted in subsidiaries of banks versus holding company affiliates. The issue pits the secretary of the Treasury (with support from the Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency) against the chairman of the Federal Reserve.

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