Senate to decide whether to support US bank bill

Copenhagen News.Net
Sunday 14th March, 2010

A new bill to tighten regulation of US banks is unlikely to get a kind reception from some Republicans when it is unveiled on Monday.

The legislation, to be presented by Democratic Senator Christopher Dodd, chairman of the Senate Banking Committee, is expected to propose that the Federal Reserve be given extensive new powers to regulate commercial lenders.

Legislation should also allow large failing banks or any other such financial company to be seized, with a new risk-controlling body to oversee and monitor any emerging threats to the financial sector.

Some Republicans on Senator Dodd’s committee recently withdrew backing for the bill, indicating they needed more time to give it consideration.

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