WASHINGTON — Though Barack Obama pointed to the Gramm-Leach-Bliley Act of 1999 during his presidential campaign as a source of the financial crisis, his administration's proposal for regulatory reform would expand a key part of the law that gave the Federal Reserve Board "umbrella supervisory" powers.

The plan would remove restrictions that prevent the central bank from examining, requiring reports from or forcing higher capital at the subsidiaries of the largest firms.

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