WASHINGTON — Far from being the big winner under Senate Banking Committee Chairman Chris Dodd's regulatory reform bill, the Federal Reserve System would undergo radical changes — including a likely consolidation of its 12 district banks — if the legislation were enacted.

Currently, 4,974 holding companies and 844 individual state-chartered banks are supervised by the Fed, but the Dodd bill would narrow that scope to 55 holding companies — those with more than $50 billion of assets.

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