Key panel approves broad restrictions on big banks
WASHINGTON (MarketWatch) - The nation’s biggest banks would be hit with a raft of new fees and restrictions under far-reaching ‘too-big-to-fail’ bank legislation approved by a key congressional committee on Wednesday. After approving dozens of amendments, the legislation lawmakers voted 31-27 on final passage of the entire bill. The huge financial regulatory reform legislation, drafted by the House Financial Services Committee, also imposes a wide variety of new restrictions on the Federal Reserve, including a new powerful measure that would permit an audit of the Fed’s balance sheet.The House committee’s package is expected to be considered for three days on the House floor starting Dec. 9Good or bad for the markets if anything????