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BRIEFLY

October 15, 1987

Two top federal banking regulators urged Congress to overhaul what they said are outmoded laws keeping banks out of the securities business. L. William Seidman, chairman of the Federal Deposit Insurance Corp., and Robert L. Clarke, comptroller of the currency, told a House Energy and Commerce subcommittee that Congress should act soon to overhaul the Depression era Glass-Steagall Act rather than leave the job to the case-by-case approach of regulators and courts.

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