U.S. Sen. Christopher Dodd, the Senate Banking Committee chairman, called last week for sweeping new government powers to prevent another economic collapse, protect consumers and dismantle failing institutions.
Dodd’s 1,100-page draft would strip the Federal Reserve and other regulators of their powers to regulate banks and hand that job to a single agency. The bill also would take away the Fed’s ability to monitor credit cards and mortgages and establish a new “Consumer Financial Protection Agency.”
The bill will minimize “economic turmoil and protect(ing) the interest of taxpayers,” the Connecticut Democrat wrote.
