Repealing the estate tax law is guaranteed to have negative repercussions on the financial services industry and the financial tools currently being used, according to Stanley B. Corey Jr., writing for the American Banker. In the event that the estate tax code is overhauled, Corey says, banks, insurance companies, and securities brokerages would forever be altered, and not for the best. Banks, for example, would be presented with the question of what to do with revenue now generated from insurance and securities, both of which banks recently began marketing. Life insurance would face similar uncertainty. "How much ... permanent life insurance is being written to create funds to pay for estate taxes at the survivors death? How much money is gifted to charities and younger generations to reduce the taxable estate?" Corey asks. In the end, Corey says that repealing the estate tax would be reckless.