The House Financial Services Committee approved 31 to 27 on Wednesday a bill that would give the Federal Reserve Board the power to oversee systemically important firms, and allow the Federal Deposit Insurance Corp. (FDIC) the ability to resolve them if they fail.

The legislation, which passed along party lines, is the last major chunk of the panel's regulatory reform package. House debate on the complete package, which includes other bills to create a consumer protection agency and regulate derivatives, is expected to begin next week.

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