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March 18, 2010

Fed battles to keep oversight duties

  • Former Fed Chairman Paul Volcker said curtailing some of the Fed's banking oversight would be “a really grievous mistake.”
    • By JEANNINE AVERSA and JIM KUHNHENN
    Associated Press Writers

    WASHINGTON — Federal Reserve Chairman Ben Bernanke urged Congress Wednesday to let the Fed keep all of its banking oversight, arguing that information gleaned from that process helps the central bank guide the economy.

    Testifying at a House hearing, Bernanke waged a fresh battle against Senate efforts to scale back the Fed's role in overseeing the nation's banks.


     
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