WASHINGTON — In an ironic twist, the Federal Reserve Board — one of the most derided regulators for its failure to prevent the financial crisis — may emerge from regulatory reform with its bank supervisory powers intact and authority enhanced.
A group of bipartisan lawmakers are leading the charge to restore most, if not all, of the central bank's authority over more than 800 state-chartered banks and roughly 5,000 holding companies to regulatory reform legislation. The current bill from Senate Banking Committee Chairman Chris Dodd would strip the Fed's powers over all but the largest 55 holding companies.
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