With House Banking Committee Chairman Jim Leach's version of Glass- Steagall reform apparently going nowhere, some people on Capitol Hill believe Congress needs to try something much bolder.

"Now, given the fact that Rep. Leach's approach has failed, I think it's time to look again at breaking down the wall between banking and commerce," said Robert J. Giuffra Jr., chief counsel to the Senate Banking Committee. "Microsoft is trying to get into the financial services industry - why shouldn't they be able to own a bank?"

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.