WASHINGTON -- The House Banking Committee, moving toward final approval of a sweeping overhaul of the nation's financial system, yesterday voted to give the Federal Reserve Board broad authority over new securities powers for banking firms.

The panel by voice vote approved an amendment offered by committee Chairman Henry B. Gonzalez, D-Tex., that would allow the Fed to consider any factors it deems appropriate when reviewing applications from financial services holding companies to purchase insured banks.

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