Rep. Jim Leach recently sent the following letter to 36 bank chief executives. In it, the House Banking Committee chairman defends his bill to repeal Glass-Steagall and lift a number of regulatory burdens as the best deal the banking industry is going to get in the House.

Rep. Leach was responding to a letter the chief executives sent last week to House Speaker Newt Gingrich. The bankers criticized, among other things, the five-year moratorium the legislation would impose on the Comptroller of the Currency's ability to expand insurance powers.

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