Plan to bolster Fed's powers loses momentum

07/23/2009 | Bloomberg

Because some lawmakers back a proposal to spread out to several federal agencies the responsibility of overseeing financial firms, the Obama administration's plan to enhance the powers of the Federal Reserve to supervise systemically important firms is failing to gain congressional support, according to this article. "It's going to be shared authority," said Rep. Barney Frank, chairman of the House Financial Services Committee. Frank, D-Mass., and other lawmakers want the central bank to focus on monetary policy.

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