Both houses of Congress have now passed a banking reform measure which a top Iowa industry official says will be good for consumers. The package that passed the House last week is designed to make it easier for insurers, bankers and other financial firms to cross over into each others’ businesses. Iowa Bankers Association president John Sorenson says Iowa institutions can already offer securities and insurance. The legislation also gives consumers the right to block banks & other financial companies from sharing their personal information with anyone else — which Sorenson applauds. Different versions of the measure have passed the U-S House & Senate and will go next to a conference committee. If the package becomes law, it’ll be the first major banking reform since the Depression.
