Is The Fight Over Bank Reform Really About Fund Raising?

The genteel jousting over bank reform by Fed Chairman Alan Greenspan and Treasury Secretary Robert E. Rubin looks like just another turf fight. Both want to get rid of ancient laws that prevent banks, securities firms, and insurers from forming full-service financial supermarkets. But reform efforts have stalled because Greenspan demands that the Fed supervise the new mega-combines, while Rubin insists that Treasury should be in charge.

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