WASHINGTON -- A key member of the House Banking Committee last week urged prompt congressional approval of narrow legislation to recapitalize the Bank Insurance Fund, a move that could further cloud the chances for passage this year of comprehensive legislation to allow banks into the securities business.

Rep. Frank Annunzio, D-Ill., sent a letter last week to House Speaker Thomas S. Foley, D-Wash., asserting that the recent failure of five New Hampshire banks had pushed the und "to the brink of, if not into, insolvency."

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

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