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Mergers put heat on Congress to take action.(proposed merger of Citicorp with Travelers Corp. sparks move towards enacting financial services deregulation)

National Underwriter Life & Health-Financial Services Edition, April, 1998 by Fisher, Mary Jane

Reverberations from the merger announcement of Citicorp and Travelers Group, followed a week later by the proposed mergers of four major banks, are continuing to shake tip Congress and the industries with a stake in financial services reform legislation. (See related stories below on this page and on page 3.)

The de facto deregulation of financial services by merging insurance, securities and banking concerns into the proposed "Citigroup" has reinforced the urgent need for the House leadership to press for passage of H.R.10, according to industry sources.

The mergers of NationsBank with BankAmerica and Banc One with First Chicago NBD, announced on April 13, have put further pressure on Congress. these sources add.

Senate Banking Committee Chair...

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