Word: congress
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Dates: during 1990-1999
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...1970s the financial world had become more muddled. Merrill Lynch, for example, began to offer money-market accounts with a check-writing feature. As the lines between banks and brokers blurred, Glass-Steagall came under repeated attack, starting in the 1980s. "I spent a lot of time lobbying Congress to convince them that we needed to look beyond the parochial interests of banks, brokerages, insurance companies and mutual funds," says former AmEx boss Robinson, now investing in tech start-ups. "We needed to view them as one industry. I was just a little ahead of my time...
...broad range of financial services will have carte blanche to, say, check bank records before granting health insurance. "This will legalize unprecedented and Orwellian surveillance of the daily lives of bank customers," asserts the U.S. Public Interest Research Group in Washington, one of many consumer groups demanding that Congress kill--or Clinton veto--the bill. The industry says this is all overblown, and lawmakers behind the bill note that specific points in the legislation require full disclosure of any information sharing that will...
...John Reed, the co-chairmen of Citigroup, the 61-year-old financier confirmed that he would help them run the nation's largest financial conglomerate (1998 assets: $669 billion). Rubin's timing, as usual, is perfect. Just as the former Goldman Sachs investment banker climbs back into the spotlight, Congress is preparing to vote on a historic bill that plays legislative catch-up with Citi's 1998 merger with Travelers, the insurance outfit that also owns Salomon Smith Barney. Rubin never made financial modernization his priority in government; nevertheless he will now help direct an institution sure to be among...
...many say, the biggest industry coup of the year in Congress. How did the airlines manage to scuttle a bill that had had consumers applauding? The Airline Passenger Fairness Act--born in part of a holiday horror show of delayed flights and trapped passengers--called on carriers to be more up front about major annoyances like delays and fare prices. In its place, they were able to substitute a toothless promise to be nicer...
...UPSHOT Insurance companies and the corporations that buy their services win the battle of the bucks. Any reform bill that would allow them to be held liable will be strangled in Congress before it can get to President Clinton's desk...