NEW LEGISLATION: Financial Industry diversification with mugs of: Sen. Alfonse M. D'Amato R-N.Y. Rep. Richard Baker R-La.

Senate Banking Committee Chairman Alfonse M. D'Amato's Depository Institution Affiliation Act would break down the barriers between banking and commerce, permitting commercial and industrial companies to own banks and thrifts. It would also allow an expanded range of cross-marketing and other activities involving banks and nonbank affiliates under a new "financial services holding company" structure. A companion bill was introduced in the House last week by Rep. Richard Baker, R-La.

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