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Now that a nearly 20-year effort to repeal federal banking laws has gained serious momentum, Governor Pataki and State Senator Hugh Farley want to position New York to take immediate advantage of changes in federal law that would broaden alliances among the banking, insurance and securities industries.

On Tuesday, Senator Farley, chairman of the Senate Committee on Banks, introduced the New York State Financial Services Modernization Act, S5634. The bill, which was proposed by Governor Pataki, would amend New York’s banking law to remove restrictions on transactions and affiliations between banks and securities firms.

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