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Provision benefiting banks to remain in financial overhaul bill

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LOOPHOLES AND AVOIDANCE
"Goldman Sachs, Morgan Stanley and other big Wall Street firms were able for years to set up commercial banking businesses while avoiding the strict regulation this kind of activity usually entails. But the law that made this practice possible has been preserved -- despite opposition from the Obama administration -- in the bill sponsored by Sen. Christopher J. Dodd (D-Conn.) remaking financial regulations and closing loopholes in oversight.Retaining the law is among the concessions administration officials accepted as they pressed lawmakers to approve the far-reaching legislation. The White House and leading Democrats in the Senate have vowed to squash all carve-outs for special interests."

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