Fed emerges from regulatory debate with possibly greater authority

07/15/2010 | Wall Street Journal, The

The U.S. Congress debated a few months ago the idea of stripping the Federal Reserve of some of its oversight of financial institutions and possibly requiring the central bank to submit to an audit of decisions on interest rates. Instead, lawmakers decided the Fed would get enhanced authority to oversee large banks. While the Fed appears to have emerged as the pre-eminent financial regulator, it could take the blame should another crisis arise, according to The Wall Street Journal.

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