November 10, 2009

Dodd upsets banks with plan for a single bank overseer

Senate Banking Committee Chairman Christopher Dodd, D-Conn., unveiled a sweeping 1,136-page bill Tuesday that, in enacted, would bring about the most comprehensive overhaul of financial regulation since the Great Depression. What upset bankers most was his call to strip the Federal Reserve and the Federal Deposit Insurance Corp. of their bank supervisory powers in favor of a new Financial Institutions Regulatory Administration. Dodd said that would stop banks for shopping for the regulator of least supervision. ;

Related content