Bank Reform Bill Moves Forward

The House Commerce Committee voted by a strong margin Thursday to approve a compromise bill for revamping the nation’s financial laws, but its chairman conceded the measure still has a long way to go.

The 33-11 vote for the bill cut across party lines. Two competing versions of the legislation, which would allow banks, securities firms and insurance companies to get into each other’s businesses, are now before the House.

Both measures also would let banks merge with commercial companies, but the Commerce Committee version limits such activity more tightly than a bill narrowly approved in June by the House Banking Committee.