Senate Banking Committee Chairman Chris Dodd's revised regulatory reform bill is likely to call for the creation of a powerful new agency with supervision of all holding companies and all federally chartered subsidiaries, according to sources familiar with the panel's negotiations.

While sources cautioned the details of the legislation are still in flux, a current draft of the bill would create the Financial Institutions Regulatory Administration — essentially a combination of the Office of the Comptroller of the Currency, Office of Thrift Supervision, and the banking supervisory responsibilities of the Federal Reserve Board.

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