Securities Bill Approved: House Action Awaited
yestcrcrayÛªpassc' hensive securities reform bill to restructure the industry and give the Securities and Exchange Commission clear authority to establish a central stock market system.</br></br>The legislation is the most sweeping since the 1930s when the SEC was estabished to deal with widespread industry abuses.</br></br>There is a House counterpart to the Senate billÛÓauthored by Sen. Harrisdn A. Williams Jr. (D-N.J,)ÛÓwhich was also supposed to be considered by that chamber yesterday afternoon. But action lias been put off until next Tuesday.</br></br>There is little doubt, however, that after four years of hearings and legislative drafting, an omnibus securities bill finally will be passed by Congress.</br></br>Passage was narrowly averted at the end of the last session of Congress when intensive securities industry lobbying bottled up a bill in the House Rules Committee after legislation had cleared the Senate.