A proposal on bank securities powers was shelved.

Senate Banking Committee Chairman William Proxmire (D.-Wis.) said he was dropping his plan to give new securities powers to commercial banks because his proposal generated “a whale of a lot of opposition” among members of his panel. Proxmire said he would return to the issue later. A legislative package to be drafted Thursday, he said, will drop the proposal but bar the Federal Reserve for one year from acting administratively to approve any new bank securities powers.