Plan to bolster Fed's powers loses momentum

07/23/2009 | Bloomberg

Because some lawmakers back a proposal to spread out the responsibility of overseeing financial firms to several federal agencies, the Obama administration's plan to enhance the powers of the Federal Reserve to supervise systemically important firms is failing to gain congressional support. "It's going to be shared authority," said 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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