House Banking Committee Chairman Jim Leach abandoned his arduous effort last week to pass a sweeping financial reform bill. He had worked doggedly to pass a bill that would have repealed the Glass-Steagall Act's barriers between commercial banks and securities firms and eased bank regulation.

But much of the industry had complaints about his plan and when restrictions on insurance sales were added, most banks lined up against the Iowa Republican.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

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