WASHINGTON -- Recent scandals in the banking and securities industry indicate that "now is not the time to experiment with new banking risks," the chairman of a key House panel said Friday.

Launching a hearing on pending financial reform proposals, Rep. Edward J. Markey, D-Mass., said lawmakers should "keep in mind that in 1933, Congress rejected the idea of mixing banking and securities activities because it found the potential abuses to be so subtle as not to be recognized."

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