Key panel approves broad restrictions on big banks

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Dec 2, 2009 10:34 am

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. 9

Good or bad for the markets if anything????