Securities Industry Association today hailed the Senate Banking Committee's passage of legislation to demolish Depression-era barriers between banks and securities firms. H.R. 10, the Financial Service Modernization Bill, would allow banks, securities firms and insurance companies to be affiliated with each other through a holding company.
``This legislation answers our call for equal opportunities for securities firms to compete in the marketplace,'' said Steve Judge, senior vice president of government affairs. The legislation has been on lawmakers' agenda for years.