WASHINGTON — Just five months ago the Federal Reserve System seemed on track to lose oversight of most of the financial institutions in its scope, which would have almost certainly led to a consolidation of the 12 banks and reshaped its mission.
On Wednesday, however, that threat vanished as the Senate voted 90 to 9 to adopt an amendment to keep the Fed's current authority over 850 state-chartered member banks and 5,000 holding companies.
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