Sheila Bair, chairwoman of the Federal Deposit Insurance Corp., said the idea of merging financial regulators into one entity overlooks the needs of community banks. Bair's opposition is part of prepared testimony she plans to give today before the Senate Banking Committee. "Proposals to create a unified supervisor would undercut the benefits of diversity that are derived from the dual banking system," Bair said. "Political capital could be better spent on more important and fundamental issues which brought about the current crisis."

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