reportonbusiness.com: notSet

Posted AT 11:47 PM EDT on 28/03/08

U.S. proposes overhaul of financial regulation

MARTIN CRUTSINGER

THE ASSOCIATED PRESS

WASHINGTON — The Bush administration is proposing a sweeping overhaul of the way the nation's financial industry is regulated. In an effort to deal with the problems highlighted by the current severe credit crisis, the new plan would give major new powers to the Federal Reserve, according to a 22-page executive summary obtained Friday by The Associated Press.

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