Tipping his hand for the first time, Senate Banking Committee Chairman Alfonse M. D'Amato hinted Thursday that financial reform legislation should not grant broad new powers to banks.

The wily New York Republican never said outright at his committee's hearing on the bill that he would reject demands by the industry and Treasury Department that lawmakers let banks enter securities underwriting and other new businesses through operating subsidiaries.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

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