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January 26, 2009

Congress Considers New Oversight of Financial Sector
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The Washington Post reports Congress is moving to create strong new
oversight of the financial sector that would likely give the Federal
Reserve authority to examine the workings of a wide range of companies.
Under legislation proposed by Democratic Congressman Barney Frank, the
Fed would likely be given the power to gather information about the
inner workings of banks, investment firms, insurance companies, hedge
funds and any other entity big enough or so intertwined with other
companies that it creates the risk of a systemic collapse.



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