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.

Register or login for access to this item and much more

All Bank Investment Consultant content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access