financial services industry, and the economy. Thanks to the willingness of Congress and the White House to compromise and cooperate in producing bipartisan legislation, federal banking and securities rules will finally be updated to reflect the realities of the modern market.

The Depression-era laws defining the services that banks, securities firms, and insurance companies can provide have lagged far behind the contemporary needs of investors to take advantage of the opportunities generated by technology. Outdated federal laws have impaired the global competitiveness of financial services firms, limited the range of services that people can obtain from one financial institution, and driven up costs.

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