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One Thing at a Time

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Congressional negotiators are working overtime to reconcile various provisions of the House and Senate bills to overhaul financial regulation, hoping to send a final version to President Obama’s desk before the July 4 weekend. Thursday Senators on the panel voted 10-2 to kill a provision that would have made the Federal Reserve Bank of New York’s president a White House appointment, requiring confirmation by the Senate, instead of a matter for the New York bank and the governors of the Federal Reserve Board,  as it is now.  That led Jon Hilsenrath of The Wall Street Journal to write (subscription required),