WASHINGTON -- The House of Representatives yesterday rejected an amendment that would have stripped the comprehensive bank reform legislation of provisions allowing banks to enter the securities business.

The vote was a blow to the Bush administration and large banks, which believe the current securities provisions of the banking bill are overly restrictive and would stifle competition.

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.