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Financial Deregulation Tops Traders' Agenda

Traders Magazine, September 1999

William Hoffman

The major piece of legislation of general interest to securities traders, S. 900, the Financial Services Modernization Act, is in conference committee. Representatives of both houses are trying to reconcile their different approaches to the deregulation measures championed by Sen. Phil Gramm (R-Texas), chairman of the Senate Finance Committee.

Among many other provisions, the bill would subject banks and bank holding companies to some of the same regulations and registration requirements as brokers and dealers. Banks, in exchange for accepting these regulations, would have more freedom to compete in the financial services industry. President Clinton's plans for the bill are unclear, Washington observers said.

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