Agents see victory for comptroller moratorium bill

The Independent Insurance Agents of America predicts that banking reform legislation allowing for greater bank/insurance industry competitiveness will pass through Congress with a comfortable majority. The bill would place a five-year moratorium on the Comptroller of the Currency's powers to broaden banks' insurance activities, and it would be attached to a repeal of the Glass-Steagall Act. As for the banking industry, the American Bankers Association trade group decried the bill as protectionist.
WASHINGTON - Long awaited banking legislation that would impose a five-year moratorium on the ability of the Comptroller of the Currency to expand bank insurance powers may finally begin moving [...]