US regulators stake their claim


The heads of two American regulatory agencies that stand to lose responsibilities under Obama administration's reforms, have questioned the merits of extending the Federal Reserve's authority as outlined in the proposed shake-up.

In testimony before the Senate Banking Committee, Mary Schapiro, the chairman of the Securities and Exchange Commission (SEC), and Sheila Bair, the head of the Federal Deposit Insurance Corporation (FDIC), said that some of the powers the Obama proposal vests in the Fed

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