Leading Senator Pushes New Plan to Oversee Banks [View All]

[kpete]

Source: New York Times

Leading Senator Pushes New Plan to Oversee Banks

By STEPHEN LABATON
Published: September 19, 2009

WASHINGTON — The senior Senate Democrat shepherding legislation to overhaul the nation’s financial system is planning to propose the merger of four bank agencies into one super-regulator, an idea that is significantly different from what President Obama envisions.

The legislation being prepared by Senator Christopher J. Dodd of Connecticut, who heads the Senate Banking Committee, would also differ from the Obama plan by diminishing the role of the Federal Reserve as a systemwide overseer.

Mr. Dodd’s plan is intended to be the starting point for the Senate as it redraws the financial landscape in response to the market crisis.

For consumers, banks and the markets, Mr. Dodd’s bill is expected to take on the same central role in the debate as Senator Max Baucus’s recent bill is to remaking the health care system.



Read more: http://www.nytimes.com/2009/09/20/business/economy/20regulate.html?hp