US flip flops on cutting Fed’s oversight role
The US legislative committee in charge of overhauling banking regulation is set to drastically reduce the Federal Reserve's supervisory remit, reports said on Monday.
Reports in the New York Times, a US broadsheet, and the Financial Times, a business newspaper, said the Fed would lose its regulatory authority over all except the 23 biggest banks in the country under a compromise being hammered out by the Senate committee on banking, housing and urban affairs.
State banks will be overseen by the
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