After decades of trying, Congress finally repealed Depression-era laws that limited the ability of banks to enter the securities and insurance industries. President Clinton is expected to sign the legislation shortly, ushering in a new era on Wall Street as leading institutions seek partners to become financial supermarkets.

Passage of the law to repeal the Glass-Steagall Act marked an end to one of Washington's great gravy trains. In the last Congressional session alone, the industries affected by the bill poured more than $300 million into lobbying and campaign fund-raising."

New York Times