Unveiling the Clinton administration's position on financial reform Wednesday, Treasury Secretary Robert E. Rubin dodged the diciest issue: whether banks should be able to buy nonfinancial companies.

"Because of the broad-ranging and fundamental nature of the issues and the complete lack of consensus, we think the issue needs to be further debated by Congress," Mr. Rubin told a gathering of financial lobbyists.

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.