Senator calls for Fed’s powers to be cut

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Chris Dodd, the chairman of the influential Senate Banking Committee, on Tuesday called for the supervisory powers of the Federal Reserve to be reined in significantly and its ability to bail out individual institutions revoked, as part of proposals for a tough set of regulatory reforms.

Noting that now "is not a time for timidity", Dodd, a Democratic senator for Connecticut, pushed for the creation of a single prudential regulator, to be called the Financial Institutions Regulatory Administrati

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