The U.S. Senate last night unanimously passed a bill introduced by Sen. Sherrod Brown that would give the Federal Reserve the authority to consider the distinctions between banking and insurance when setting capital standards.
Sens. Susan Collins, R-Maine, and Mike Johanns, R-Neb., were also lead cosponsors of the bill.
The bill aims to clarify a provision in the 2010 Dodd-Frank law, and responds to the Federal Reserve’s concerns that it lacks the legal authority to distinguish between banking and insurance.
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