WASHINGTON -- Congress may soon curb the practice of mutual thrifts changing their federal charters to state charters in order to convert to publicly traded companies under new, flexible state laws.

Both the House and Senate Banking Committees are expected to draft legislation on the conversions, which enable executives to capture large blocks of free or low-priced stock, before the end of the 1993 session.

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.