WASHINGTON -- Banks should be allowed to broaden their mutual fund activities in return for broader disclosure to securities regulators, a top Securities and Exchange Commission official said.

The change suggested by SEC Commissioner Richard Y. Roberts would entail eliminating Glass-Steagall Act curbs on banks' mutual fund activities.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.