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GUV URGES FINANCIAL REFORM: PLAN WOULD MIRROR NATIONAL BILL, GIVE EDGE TO STATE-BASED FIRMS.
Crain's New York Business, May, 1999
Gov. George Pataki has proposed a banking reform plan that mirrors federal legislation aimed at modernizing the financial industry. Like the federal bill, the governor's plan would allow banks, securities firms and insurance companies to more easily enter each others' businesses. If the federal bill is enacted, the Pataki plan would ensure that state-chartered banks would not be at a disadvantage versus federally chartered banks.
If the federal bill fails-President Bill Clinton has threatened to veto a version passed recently by the Senate-then only some local banks, such as those handling trust or investment banking business, would benefit from the governor's measure. Citigroup would also be a big winner under the Pataki bill. The plan would allow the...
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