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The finance commission of El Salvador's national assembly has given the green light to a financial regulatory bill that will create a new oversight body.
The bill would create a new body to supervise the securities, pensions and financial systems regulators and all the entities they regulate, including banks, insurers and government lending and pension agencies, according to a press release on the assembly's website.
The body would include a commission made up of representatives of the various cabinet ministries, as well as several representatives of professional associations.
The passage by the commission means the bill can now be debated by the full assembly.