Regulators, lawmakers cite flaws in White House plan:

Sheila Bair, chairwoman of the Federal Deposit Insurance Corp., challenged significant parts of the White House's plan for unwinding or shrinking large financial institutions, as presented to the House Financial Services Committee by Treasury Secretary Timothy Geithner. Bair objected to the structure and powers of a proposed council of regulators. "The oversight council described in the proposal currently lacks sufficient authority to effectively address systemic risks," she said. The proposal was also scrutinized by other regulators as well as lawmakers.

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