Fed retains bank oversight

The US Federal Reserve will retain regulation of banks with more than $100bn (£66bn) despite calls from Congress for a single regulator to supervise all banks.
In other regulatory reform, the government is also introducing a new regime aimed at dealing with systemically important institutions that are failing. New rules would allow it to wind the company up quickly, although a traditional bankruptcy judge would oversee the process. The Fed’s retention of power is partly attributed to demands of Treasury secretary Tim Geithner