King defends his additional powers


Mervyn King, the governor of the Bank of England, has defended himself against claims that he will have too much power following the UK's regulatory overhaul.

The UK government on Thursday published draft legislation which formalises plans to disband the Financial Services Authority. The new law will hand significant policing responsibility to the Bank of England and make the Bank's governor among the world's most powerful.

Under the rules, King will chair the newly established Financial Policy

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