WASHINGTON - Rep. Richard Baker plans to offer legislation that directly challenges House Banking Committee Chairman Jim Leach's staunch opposition to mingling banking and commerce.

The Louisiana Republican's amendment to the chairman's Glass-Steagall bill would allow a firm to become a bank holding company if 60% of its business is derived from financial services. That means up to 40% of the company's business could come from other areas - auto manufacturing, for example, or computer software.

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.