WASHINGTON - Securities and Exchange Commission Chairman Arthur Levitt on Wednesday said Glass-Steagall legislation sponsored by House Banking Committee chairman Jim Leach unfairly limits securities firms.

While Mr. Levitt told the House Banking Committee that he agreed with the major thrust of the Iowa Republican's bill, he said that the measure's call for a "two-way street" to allow banks and securities firms to enter each other's business is a misnomer.

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