"Dave" wrote in message
...
On Thu, 18 Sep 2008 20:25:00 -0400, Marty said:

Well Dave, since you are our resident expert, could you be so kind as to
precis this bill for us?

In the US, we call something that hasn't yet been passed by Congress and
"bill" and something that has been passed and signed into law a "law."

Much too long and complicated for an even half complete summary. GLB,
which
was passed by the Democrat-controlled Congress and signed by Clinton in
1999, made some significant changes in the ways our financial institutions
may be structured. Among other things it made it somewhat easier for banks
that were well capitalized (or more accurately their holding companies) to
compete in areas outside the traditional financial services area, such as
brokerage and insurance. Generally bank holding companies were allowed to
enter these areas by becoming a "financial holding company" to own both
the
bank and separate corporations conducting these other businesses. However,
it generally left unchanged the kinds of things banks could invest in
directly.


Huh??? The Congress (both houses!) was controlled by Republicans from 1995
until recently. Sounds like revisionist history to me.

--
"j" ganz @@
www.sailnow.com