Congress passes financial reform bill
President Ohama was expected to sign financial reform legislation on July 21. Following the Senate’s July 15 passage of the bill, Federal Reserve Board Chairman Ben Bernanke commented: “It strengthens the consolidated supervision of systemically important financial institutions, gives the government an important additional tool to safely wind down failing financial firms, creates an interagency council to detect and deter emerging threats to the financial system, and enhances the transparency of the Federal Reserve while preserving the political independence that is crucial to monetary policymaking.” FDIC . . .
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