Thursday that Glass-Steagall repeal would benefit smaller companies that can't attract attention from the major investment banking houses. "If banking organizations, especially the regional banks, were able to expand their securities underwriting, small and medium-size firms would be able to gain access to the capital market through their established banking relationships," Ms. Phillips said at the National Association of Securities Dealers conference in San Francisco. Ms. Phillips said the Fed had hoped Congress would have acted by now. "Unfortunately, other issues have held up action, in particular the question of banks' ability to sell insurance products," she said. Congress should resolve that dispute and repeal the restrictions this session, she added.

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