WASHINGTON - The financial services industry is gearing up to lobby President Clinton to sign legislation overwhelmingly app-roved by the House Wednesday that would more than double the permissible annual contribution to individual retirement accounts.

The bill still must clear the Senate after the House passed it 401 to 25, but lobbyists said its fate is tied to a continuing stalemate between the White House and Republican lawmakers over tax legislation. The President has already threatened to veto recent House and Senate bills that would eliminate estate and so-called marriage penalty taxes, and election-year politics could drag down the IRA proposal with them.

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.