WASHINGTON - Representatives of the financial services industry testified Tuesday on Capitol Hill in support of legislation to create more favorable trade relations with China.

At a Senate Banking Committee hearing, industry officials urged lawmakers to pass pending legislation that would grant China "permanent normal trade relations" status. Representatives from the Financial Services Roundtable, the Securities Industry Association, and New York Life International warned that if the bill does not pass, the U.S. financial services industry will be at a competitive disadvantage.

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