Just three days after financial reform's enactment, Chairman Alan Greenspan began staking out the Federal Reserve Board's turf as top overseer of diversified conglomerates.

"The Federal Reserve retains the overall responsibility for financial services holding companies with bank subsidiaries," Mr. Greenspan said in a speech Monday. "If the bank is large and/or a significant part of the organization, both law and good supervisory and stabilization policies require an active umbrella supervisor."

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