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U.S. Stocks Pare Gains on Report Pressing for ECB to Share Power

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Aug. 14 (Bloomberg) -- U.S. stocks pared earlier gains after policy planning documents showed the U.K. is pressing for the European Central Bank to share power with national regulators as it takes over euro-area bank supervision.

The Standard & Poor’s 500 Index rose 0.1 percent to 1,405.60 at 1:20 p.m. in New York, trimming an earlier advance of as much as 0.4 percent.

The ECB should have a core set of central powers to oversee all banks in the 17-nation currency bloc while delegating some tasks to individual countries, under one option favored by the U.K. and European Union economic policy officials. The ECB supports a similar “light touch” approach that would leave day-to-day supervision for most banks in the hands of national authorities, according to the documents obtained by Bloomberg News.

To contact the editor responsible for this story: Jeff Sutherland at jsutherlan13@bloomberg.net

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