SEC Chairman David S. Ruder called for...

SEC Chairman David S. Ruder called for changes in two Senate bills that would allow banks to greatly expand their activities in the securities business. The bills would repeal key provisions of the Glass-Steagall Act, which for more than 50 years has barred banks from underwriting corporate securities. Ruder told the Senate Banking Committee that the two bills, including one sponsored by committee Chairman William Proxmire, (D-Wis.), and ranking Republican Senator Jake Garn of Utah do not meet all Securities and Exchange Commission regulatory concerns. The SEC has said it must have regulatory oversight over bank securities operations if Glass-Steagall, which was enacted amid a rash of bank failures during the Depression, is repealed.