Senate Banking Committee Chairman Phil Gramm used Federal Reserve Board Chairman Alan Greenspan's visit to Capitol Hill Wednesday to cement their alliance against the White House on financial reform.

President Clinton has promised to veto the legislation unless it lets banks underwrite securities and do merchant banking through operating subsidiaries, but Sen. Gramm and Mr. Greenspan want larger banks to conduct these higher-risk activities only through holding company units.

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.