WASHINGTON -- A congressionally appointed commission recommended Tuesday that the savings and loan industry be eliminated and federal deposit insurance be limited to narrow banks to avoid another crisis like the S&L debacle.

"Fundamental reform of the deposit insurance system is central to avoiding future disasters of the sort that we were asked to examine," said John W. Snow, co-chairman of the commission and chairman and chief executive officer of CSX Corp., the international transportation company.

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.