ORLANDO, Fla. — The Senate Banking Committee is altering a provision in a proposed financial regulation bill that would have allowed the Federal Reserve to lend to individual payment and clearing firms in times of financial stress after concerns were raised by FDIC Chairman Shelia Bair.

A Senate Banking Committee spokeswoman said its staff plans to remove language allowing the Fed to use its emergency authority to lend to an individual "financial market utility." Only payment and clearing firms deemed "systemically important" by a proposed oversight council of regulators would have been eligible.

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