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Wed 11 Nov 2009Single bank regulator a radical part of proposed US legislation
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, yesterday 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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