The Bank Bill Goes From Dead Duck To Long Shot

A House subcommittee vote boosts the Administration's hopes

When President Bush sent his blueprint for banking reform to Capitol Hill in March, nearly everyone labeled the ambitious proposal dead on arrival. Even White House Chief of Staff John H. Sununu expressed grave doubts about the measure's prospects--much to the consternation of the plan's godfather, Treasury Secretary Nicholas F. Brady. The pundits predicted that divisions among financial-services companies and the wariness of lawmakers fearful of duplicating the savings-and-loan regulatory debacle would combine to kill the reform drive.

To continue reading this article you must be a Bloomberg Professional Service Subscriber.