WASHINGTON -- Momentum is building in Congress to pass legislation aimed at cracking open foreign markets where U.S. banks, securities firms, and investment advisers now face restrictions.

Under bipartisan legislation introduced in the Senate by Banking Committee Chairman Donald Riegle, D-Mich., banks and other financial service firms based in a foreign country would not be allowed to expand their operations in the U.S. unless U.S. financial companies can compete on equal terms in that country.

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