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Friday, November 06, 2009
Fed Could Be Part Of Bank Regulator, Frank Says
By Rex Nutting
MarketWatch Pulse
WASHINGTON - Congress could merge the Federal Reserve into a newly created national bank regulator as part of bank regulatory reform under consideration on Capitol Hill, a key lawmaker said Friday. "You may get a combination of the national bank supervisor and the Fed, but state bank regulation should remain separate," said House Financial Services Committee Chairman Barney Frank, D-Mass. Frank is seeking to combine the Office of Thrift Supervision and the Office of the Comptroller of the Currency into a newly created national bank regulator. However, Senate Banking Committee Chairman Christopher Dodd, D-Conn., is seeking to combine all federal bank regulators into one entity.
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