Testifying before a Senate committee this week, Marc Lackritz, president and CEO of SIFMA, said the organization supported the current laws allowing regulated securities firms to own industrial banks. "Congress passed the Gramm-Leach-Bliley Act in 1999 to allow affiliations between and among securities firms, banks and insurance companies combined with functional regulation," Lackritz said. "This ability to structure their operations optimally within existing law has been critical to the success of industrial banks and their owners." Read the SIFMA press release.
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