US regulator calls for streamlined supervision of financial services

WASHINGTON -- The US needs a new federal supervisory structure for banking, securities and insurance that would eliminate inefficiencies and costs in the current system, Federal Deposit Insurance Corporation (FDIC) chairman Don Powell said in early October.

Under the proposal, the banking industry, the securities industry and those companies that choose an optional federal insurance charter would each have its own regulator, which would meet regularly with the US Treasury and Federal Reserve to

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