Washington — The  Treasury Department's blueprint for revamping financial regulation would allow commercial firms of all stripes to own and operate banks.

Where to draw the  line between banking and commerce is a perennial debate, and the Bush administration's proposal released Monday would go further than advocates have  dared. The blueprint recommends removing any limits on banking charter  ownership by retailers and other nonfinancial firms, but it would subject them  to tight oversight, including Federal Reserve Board supervision.

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