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Examines the new Securities & Exchange Commission proposal that proposes new bank "pushout" rules under the Securities Exchange Act; How the agency suspended its original rules in May after complaints that the rules would disrupt a variety of established bank activities; Why the agency has failed in this issue; Background on the broker-deal regulations; The Gramm-Leach-Bliley Act which gave the agency the right to regulate bank securities but had to do so without unnecessarily disrupting traditional bank activities; How the rules try to address to conflicting considerations; Belief the end result will satisfy neither party.