A Fed official called for deregulation of banking.

Federal Reserve Board Governor H. Robert Heller said the move would boost U.S. competitiveness in international markets. In a speech in Washington, Heller said U.S. banking regulators’ current approach of moving on a case-by-case basis was too cumbersome. He said that restrictions on interstate banking hinder the ability of U.S. manufacturers to export goods while limits on bank holding company activities prevent U.S. banks from competing with overseas institutions. Heller called on Congress to revise the banking laws but acknowledged that this was unlikely to happen anytime soon.