Washington - The Supreme Court heard oral arguments yesterday in a high-stakes banking case that ultimately could have the banking and insurance industries clamoring for Congress to change the Glass-Steagall Act and the National Bank Act.

During the argument, the justices sought guidance on what Congress intended in those acts with respect to the ability of national banks to sell annuities, and whether annuities should be characterized as securities or insurance products. But few clear answers surfaced at the session, attorneys present at the argument said.

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