Dodd Unveils Regulation Bill

Here’s a good way to prove you’re not in the big banks’ pocket: Senate Banking Committee Chairman Chris Dodd released a 1,100-page draft of his financial-overhaul bill. More than the House version, Dodd’s bill targets the Federal Reserve. The bill would strip the Federal Reserve and other regulators of their powers and vest them in a single agency. It would also take away the Fed’s power to monitor credit cards and mortgages and hand them over to a new Consumer Financial Protection Agency. Republicans are so far opposed to the bill, particularly the CFPA.