​ SIFMA Testifies on Brokerages With Industrial Bank Holding Companies. The Securities Industry and Financial Markets Association testified before the House Committee on Financial Services yesterday attempting to change The Industrial Bank Holding Company Act of 2007. SIFMA wants a special exemption for securities firm industrial bank owners, including Bear Stearns, Goldman Sachs, Lehman Brothers, Merrill Lynch and Morgan Stanley. As currently written, the law could require diverstiture of banks by some brokerages, thereby endangering some "​bankerage" programs -- brokerages sweeping customer cash into their own banks.

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