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Influential US Senate committee proposes overhaul of the country’s regulatory architecture that would strip powers from the Federal Reserve and create a single banking regulator

11/11/09

FT: US banks bill seeks to strip Fed of powers, Nov. 10, 2009

An influential US Senate committee has proposed a sweeping overhaul of the country’s regulatory architecture that would strip powers from the Federal Reserve and create a single banking regulator.

Chris Dodd, chairman of the Senate banking committee, on Tuesday presented a more radical vision of regulatory reform than that proposed by the Obama administration . The move ushered into the open a behind-the-scenes struggle between banks, policymakers and regulators.
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