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Fed to Miss Review Deadline

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The Federal Reserve won't meet the U.S. Treasury's Oct. 1 deadline to prepare a broad review of the central bank's structure and governance, a Federal Reserve official said. The Treasury requested the study in June as part of its sweeping blueprint for revamping financial-system regulations, saying a review of the central bank was needed "to better align its structure and governance with its authorities and responsibilities." The Fed has faced criticism in Congress for overreaching during the credit crisis to bail out failed financial institutions, such as American International Group Inc., and for not providing enough information about how such rescue money is being used.