Moving into the financial future, but a fight lies ahead
Big U.S. banks looking for ways to expand their business have long been restricted by some archaic federal laws. Unlike almost any other enterprise, they have been prohibited from doing retail business outside their home state. Such rules would be similar to decreeing that General Motors could only sell cars in Michigan or that Pillsbury could only market cake mixes in Minnesota. This week, however, banks will get some overdue good news: the Carter Administration will recommend to Congress that commercial banks be allowed to open branches outside their home state. Though...
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