Lawmakers Hand Fed Another Victory in Wall Street Bill

Reuters reports:

The U.S. central bank, whose authority some lawmakers had wanted to rein in amid wide criticism for lax oversight before the 2007-2009 financial crisis, will actually see its powers increase under the sweeping overhaul of financial regulation.

Lawmakers on the joint committee of the House of Representatives and Senate dropped a proposal to require the U.S. president to appoint the head of the Federal Reserve Bank of New York, rather than its board of directors, as they worked to resolve separate bills passed by the two chambers.