WASHINGTON - Is Alan Greenspan trying to make a power grab with a parasol?

The Federal Reserve chairman was given the role of "umbrella" regulator of financial services firms that own banks under the Gramm-Leach-Bliley Act of 1999. Though banking, insurance, and securities regulators are the primary regulators, Mr. Greenspan contends the law gives the Fed final say in overseeing the conglomerates the new law permits.

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