only one[agency] to directly oversee banks -- a completely new agency. Two of the four existing agencies would disappear. The FDIC and the Federal Reserve would cease to regulate banks as they do now, but they would gain other powers. The FDIC would be able to put any institution, no matter how big, into receivership. The Fed would be charged with watching and controlling risk across the system. There would also be a new agency with the primary mission of protecting consumers.
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