Universal Banking in the USA?

From the Seattle Times:  “Merrill Lynch, Morgan Stanley, Wal-Mart, General Electric and other companies are gaining support in Congress for the right to set up a nationwide banking system that could compete with commercial banks but operate under looser federal rules.  Consumer groups, bankers, some lawmakers and Federal Reserve Board Chairman Alan Greenspan have sharply criticized the effort, saying it would create a second, parallel banking system that would result in unfair competition and more risk for the federal deposit-insurance system and possibly taxpayers.”