Senate bill gives Fed less authority than previous proposals

09/10/2009 | Washington Post, The

The U.S. Senate Banking, Housing and Urban Affairs Committee is drafting legislation for overhauling the financial regulatory framework, but the bill is shaping up to be significantly different from what the White House had proposed, sources said. For example, the Senate proposal would not give the Federal Reserve as much authority as the administration had proposed. Both Republican and Democratic senators have voiced concerns about the Fed and its role in the financial crisis.

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