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To: esecurities(tm) who wrote (4952)	11/5/1999 12:01:00 AM
From: esecurities(tm)	Read Replies (1) \| Respond to of 5102

[ALERT][11-04-99 11:52 PM ET] "CONGRESS OKs BANKING BILL" Congress OKs banking bill Glass-Steagall's walls to come down By Rex Nutting, CBS MarketWatch Last Update: 11:40 PM ET Nov 4, 1999 WASHINGTON (CBS.MW) -- "...Congress approved a sweeping bill Thursday that would "modernize" the financial services landscape of America by allowing banks, insurance companies and securities firms to merge or compete with each other and giving consumers one-stop shopping...Financial stocks soared two weeks ago when a compromise between Sen. Phil Gramm, R-Texas, and the Clinton administration was announced, allowing the bill to move to passage. See related story...Last year's merger between Citicorp and Travelers into Citigroup (C: news, msgs) (under a temporary waiver) told Congress that the marketplace would not wait for the perfect time to repeal Glass-Steagall. The new law will likely to lead to another round of mergers and consolidation in the financial services industry. Insurance firms are looking for banking partners in order to compete for domestic and foreign business. "There's a real jockeying for partners," insurance industry lobbyist Phil Anderson told Congressional Quarterly. "Who wants to be left without partners when the music stops?"..."This legislation will modernize our financial services laws to better enable American companies to compete in the new economy," Treasury Secretary Lawrence Summers said in a letter Wednesday to House and Senate leaders of both parties. "The bill will stimulate competition, thereby increasing choice and reducing costs for consumers, communities and businesses," he wrote... ...Several securities company stocks were trading higher Thursday ahead of the vote. Ameritrade (AMTD: news, msgs), e-group (EGRP: news, msgs), DLJdirect (DIR: news, msgs) and Charles Schwab (SCH: news, msgs) were all higher..." Source: [DBCCs] CBS.MW cbs.marketwatch.com