Dodd circulates bill to strip Fed of regulatory powers

Brady Dennis and Binyamin Appelbaum
Washington Post
Tuesday, Nov 10th, 2009

Sen. Christopher J. Dodd (D-Conn.) is circulating copies of a bill that would strip the Federal Reserve and other federal agencies of their powers to regulate the banking industry, instead creating a new agency to do that job.

The much-anticipated draft, scheduled for a formal release this afternoon, is Dodd’s response to the sweeping proposal for financial reform introduced by the Obama administration this summer.

His bill adopts some of the administration’s key proposals, including the creation of an agency devoted to protecting consumers of financial products.

But on other key points Dodd’s draft breaks with the administration and with the emerging House version of the legislation. In particular, where the administration proposed expanding the Fed’s duties to include a new job policing financial risks to the broader economy, Dodd’s bill would strip the Fed of all responsibilities except for setting monetary policy.

Full article here

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