FDIC Chief: Parts Of Obama Plan Won't Fly

Federal Deposit Insurance Corp. Chairman Sheila Bair is pushing back against key elements of the Obama administration's financial overhaul plan, saying they wouldn't survive in Congress and calling her own alternatives more viable.

In an interview with The Associated Press, Bair said Congress won't approve two major parts of the package: Expanding the Federal Reserve's authority to regulate the largest financial companies and giving a proposed new consumer protection agency examination and enforcement powers over banks.

Such authority now belongs to her agency and other bank regulators.

"There's a lot of resistance from a lot of different quarters to a lot of the things the administration has submitted," Bair told the AP Thursday. "That is a reality the administration needs to deal with."

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