GOP Reps. Say Fed Lacks Clear Standard For Bank Breakups

Law360, Washington (April 16, 2013, 7:35 PM EDT) -- House Republicans on Thursday criticized the Federal Reserve for failing to clarify how it will determine if large financial institutions pose a "grave threat" to the U.S. economy and need to be broken up, raising concerns that the board is still uncertain about the scope of its own powers under the Dodd-Frank Act. 

Under a section of the Dodd-Frank Act, the Fed can break up banks that pose a "grave threat" to the U.S. economy, but the term hasn't been defined in the statute or by...
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