House Financial Services Committee Chairman Barney Frank introduced a revised draft bill late Tuesday that would give the Federal Reserve Board the power to oversee systemically important companies, but beef up a proposed interagency council to advise the central bank.

Although the Fed would write and enforce new regulations for systemic firms, the council would advise Congress on financial regulation, monitor companies and activities that should be subject to tougher standards and issue formal recommendations that particular agencies should adopt. In the event of a dispute among agencies, the bill would allow the council to make a binding decision.

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