WASHINGTON — Though administration officials are on record as opposing the resuscitation of the Glass-Steagall Act, President Obama's proposal last week to curb growth and limit risk taking reinforces core concepts of the Depression-era legislation.

The White House proposal does not go as far as the 1933 law that separated commercial and investment banking — it would still allow banks to underwrite securities, among other things — but observers said it is strongly headed in that direction.

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