House Panel OKs Financial Services Bill

The House Commerce Committee approved a bill to overhaul Depression-era U.S. banking laws and allow banks, brokers and insurers to enter one another’s businesses. The committee passed the bill on a voice vote with no objections after including broader-than-expected privacy provisions strongly opposed by the financial services industry. The measures would give customers of financial firms a say in whether their information is shared or sold. The Republican leadership wants to bring the legislation to the full House before the July 4 recess. .