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March 16, 2010

Financial overhaul would expand Fed powers

  • The proposal gives a consumer protection entity less authority than President Obama once demanded.
    • By JIM KUHNHENN
    Associated Press Writer

    WASHINGTON — Combining Obama administration and Republican priorities, the leading Senate author of a sweeping rewrite of the nation's financial regulations is looking for consensus with a proposal that neither side of the political spectrum is ready to embrace.

    Sen. Christopher Dodd, the chairman of the Senate Banking Committee, unveiled a proposal Monday that expands the powers of the Federal Reserve but creates a consumer protection entity with less authority than President Barack Obama once demanded.


     
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