While the European Central Bank has power over interest rates and broader monetary policy, it was never granted parallel oversight of private banks, leaving that task to dozens of regulators across the Continent.
Feinstein's bill faces competition from a parallel and much beefier oversight law proposed by judiciary committee chairman Patrick Leahy and Republican Rep. James Sensenbrenner, who co-authored the Patriot Act.
As his ministry slated further consideration of Levasa later this month, a parallel court challenge to its oversight is due for another round on Tuesday.
But legal experts say the legislation grants broad authority to Pakistan's army and amounts to a parallel judicial system with no civilian oversight.
Europe's need to scramble is in part the legacy of a decision to establish the euro, which 15 countries now use, but not follow up with a parallel system of cross-border regulation and oversight of private banks.
There must be a parallel universe where no banks fail, Wall Street needs no oversight, all mortgages are secure, consumer rights rule the day, there's no federal deficit, and Republicans and Democrats agree on everything.
After the brutal attacks of Sept. 11, the Bush administration began building a parallel criminal justice system, decree by decree, largely removed from the ordinary oversight of Congress and the courts.
The report rules out the formation of a "parallel jurisdiction" for conservative Episcopalians, instead urging conservative parishes to work with the Episcopal Church to find alternative pastoral oversight, preferably by retired bishops from within their own dioceses.
The NCA answers directly to the Home Secretary, meaning there can be no local oversight or control - and nationalist parties in the Northern Ireland Assembly said that it could operate as a parallel but unaccountable police force.
