National News

Senate committee passes reg reform bill

The Senate Banking Committee voted along party lines, 13-10, to approve regulatory reform legislation for the financial services industry. The vote took place March 22, one week after Sen. Christopher Dodd (D-Conn.) introduced the 1,300-page bill. The legislation would create an independent bureau within the Federal Reserve to write consumer protection rules. Supervision of holding companies with assets of less than $50 billion would shift to the FDIC and OCC, while the Fed would retain authority over larger holding companies. The bill addresses too big . . .

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