Financial regulation bill would strip Fed of some powers

November 11, 2009

WASHINGTON - The chairman of the Senate Banking Committee unveiled Tuesday his version of legislation to overhaul the nation's financial regulations, which sharply differs from the Obama administration's plan by proposing the creation of a single federal banking regulatory agency and stripping significant power from the Federal Reserve. The 1,136-page proposal by Sen. Christopher Dodd, D-Conn., is likely to be strongly opposed by the Fed and the three other bank regulatory agencies. Dodd's legislation also further complicates White House efforts to pass an overhaul by the end of the year because it differs significantly from legislation moving through the House. The senator stressed that his bill is just a draft but said he wanted to propose something bold rather than start the legislative process by compromising. Several agencies, including the Fed, the Federal Deposit Insurance Corp. and the Office of Thrift Supervision, share oversight of the banking system.

- Tribune Newspapers

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