Business Highlights

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Administration calls for financial system overhaul

WASHINGTON (AP) — The Obama administration wants to overhaul the country's financial rule book by giving the Federal Reserve increased powers but, bowing to critics in Congress, is backing away from proposals to consolidate various regulatory agencies.

The administration's overhaul plan would make the Fed a systemic risk regulator to oversee large institutions whose failure could threaten the stability of the entire system. It also will create a council of regulators with broad coordination responsibility across the financial system, administration officials said.

The administration also will offer a stronger framework for investor protection, including increased oversight of consumer products ranging from credit cards to annuities, officials said.

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Stocks tumble as stronger dollar hits commodities

NEW YORK (AP) — Bad economic news and doubts about the market's ability to rally dealt stocks a huge setback.