Two months ago Rep. Edward Markey, D-Mass., compared repeated efforts to repeal the Glass-Steagall Act to the travails of Sisyphus, the Greek mythological character condemned for eternity to push a boulder up a hill.
Last week, at a House Commerce subcommittee hearing, Rep. Markey chose Action Comics as his literary device.
He complained that like villain Lex Luthor, who in a comic book series creates a "parallel universe," legislation passed by the Banking Committee would allow banks to enjoy a "parallel regulatory universe" where they would be free of scrutiny from the Securities and Exchange Commission and state insurance regulators.
And just as Superman in the comics puts an end to the evil universe by summoning Batman and other heroes, the Commerce Committee would provide a "Legion of Justice" to rescue financial reform from "the Lex Luthors of the House Banking Committee," Rep. Markey vowed.
The Justice Department has a new antitrust chief. The Senate on Thursday voted 88-12 to confirm Joel Klein as assistant attorney general for antitrust. Mr. Klein's office reviews the competitive effects of bank mergers and is investigating the membership practices of MasterCard International and Visa U.S.A.
The Bankers Roundtable has plucked Edward J. Hill from Ernst & Young and promoted Scott E. Talbott to bolster its regulatory and governmental affairs teams.
Mr. Hill, a consultant who specialized in banks and mutual funds, will research hot economic, legislative, and regulatory issues for the Roundtable. Mr. Talbott, who joined the group in 1994 as financial manager, will continue managing its financial operations and assist its lobbyists on tax and accounting issues.
The new officers of the National Association of Federal Credit Unions took over during the association's annual conference this weekend in Vancouver, Canada.
James A. Guretzky, president of SAC Federal Credit Union, Omaha, is the chairman. President of his credit union since 1984, he has served on the trade group's board for seven years.
His fellow officers are vice chairman Alvin J. Cowans, president of McCoy Federal Credit Union, Orlando; treasurer Marcus B. Schafer, president of AT&T Family Federal Credit Union in Winston-Salem, N.C.; and secretary Ronald Keeler, president of Lockheed Federal Credit Union, Los Angeles.
