Banking Industry United States

Consumers today can surf the Web to find the highest-yielding certificates of deposit nationwide. Freeway billboards tout competing mortgage rates. There are dozens of checking and savings account plans to choose from. But less than 20 years ago, product choices in the banking business were largely a matter for the government to decide.

President Clinton signed a sweeping measure into law Friday that knocks down Depression-era barriers and lets banks, investment firms and insurance companies sell each other's products and provide one-stop shopping for financial services. "This is a day we can celebrate as an American day," Clinton said at the White House signing ceremony. Over time, the legislation is expected to create financial supermarkets that will allow consumers and businesses to satisfy all their needs in a single place.

Under the landmark legislation signed into law Friday, banks, insurance companies and securities firms can enter each other's business through mergers, acquisitions or creation of new enterprises. The law also addresses the privacy issue. Among the provisions: * Industrial and commercial firms are barred from buying thrifts. For instance, Wal-Mart cannot buy a bank or savings and loan association.

The banking industry's recently disclosed practice of selling private financial information about its customers is prompting a political backlash as consumer groups and California lawmakers vow to give bank clients more control over their account numbers, bank records and other data. Interest in privacy issues heightened earlier this year with the news that many large banks had been selling or releasing customer information to telemarketing firms.

Congress on Thursday sent President Clinton a sweeping bill for reshaping the financial landscape by tearing down the Depression-era barriers between banks, insurance companies and investment firms. The vote in the Senate was an overwhelming 90-8, with seven Democrats and one Republican saying no. The House vote several hours later was 362-57, with Republicans in solid support and Democrats split.

The bill rewriting Depression-era U.S. bank laws promises broad benefits to the banking, insurance and securities industries. A close examination of the fine print, however, shows some companies did particularly well, while others were disappointed. On Tuesday, U.S. House and Senate negotiators formally approved details of the bill, clearing the way for final House and Senate action as early as today.

After decades of debate, Congress reached an agreement Friday to radically overhaul the nation's banking laws so that banks, securities firms and insurance companies can move into one another's lines of business and create one-stop financial shopping centers. House and Senate conferees and the Clinton administration reached a compromise to repeal Depression-era legislation that erected barriers between banking and other financial activities.

After decades of debate, Congress is suddenly poised to approve a radical overhaul of the reached an agreement Friday to radically overhaul the nation's banking laws so that banks, securities firms and insurance companies can move into one another's lines of business and create one-stop financial shopping centers.

Bank of America Corp., Citigroup Inc. and J.P. Morgan & Co. on Monday reported sharply higher quarterly earnings as the major financial institutions rebounded since last year's market rout, meeting or beating analysts' expectations. Meanwhile, Bank of New York Co. provided some disappointment as it was able to beat expectations only after booking a one-time gain on the sale of some of its businesses. The strong U.S.

Congressional negotiators pledged to make an all-out effort to finish legislation to overhaul Depression-era U.S. banking laws today after making progress last week. "There will be every effort made to finish on Monday," House Banking Committee Chairman Jim Leach told a House-Senate conference before it adjourned Friday. For the first time in more than two decades of trying, both the House and Senate have passed bills to allow banks, brokers and insurers into each other's businesses.