The Federal Reserve will retain oversight over banks with more than $100 billion in assets, according to a proposal to be introduced by Sen. Chris Dodd, D-Conn, The Financial Times reports on its Web.

Citing "people familiar with the plans," the FT said Dodd, chairman of the Senate Banking Committee, will propose that the 23 largest banks remain under Federal Reserve oversight.

According to the report, Treasury Secretary Timothy Geithner told senators that only the Federal Reserve was qualified to oversee those core banks.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.