Financial Restructuring Urged: Two senior banking officials,...

Financial Restructuring Urged: Two senior banking officials, saying the United States is falling behind other countries, called for an unprecedented restructuring of the American financial system. New York Federal Reserve Bank President E. Gerald Corrigan and Citicorp Chairman John S. Reed said in testimony before the Senate Banking Committee that the American financial system may be becoming obsolete. The pair said a prompt overhaul is needed to keep pace with European trends toward more integrated financial institutions that handle commercial banking, securities activities, investment banking and insurance.