NU Online News Service, May 21, 10:27 a.m. EDT
The Senate late Thursday night passed historic legislation making the most sweeping changes to financial services regulation since the Depression by a vote of 59-39.
The key components of the bill for the insurance industry, H.R.-4173, Wall Street Reform and Consumer Protection ACT, include provisions giving authority to the Federal Reserve Board to regulate such nonbanks as insurers under certain circumstances and creation of an Office of National Insurance (ONI) within the Treasury Department.
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