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Fed’s Powell backs keeping US authority to unwind ailing banks

By Neil Haggerty ( November 28, 2017, 20:50 GMT | Insight) -- Jerome Powell, nominated to head the US Federal Reserve by President Donald Trump, at his Senate confirmation hearing expressed support for continuing an Obama-era policy that gives the government authority to unwind failing banks during a crisis. The view puts Powell, currently a Fed governor, at odds with a House-passed bill that would repeal the orderly liquidation authority given to federal regulators by the Dodd-Frank Act.Jerome Powell, nominated to head the US Federal Reserve by President Donald Trump, at his Senate confirmation hearing Tuesday expressed support for continuing an Obama-era policy that gives the government authority to unwind failing banks during a crisis....

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