Senate Proposal To Create Federal Super Cop To Police Banks

A U.S. Senate proposal to create a federal super cop to police banks faces formidable opposition from the industry, current regulators and a senior House lawmaker who recently blasted the idea. Christopher Dodd, chairman of the Senate Banking Committee, unveiled on Tuesday his highly anticipated version of financial regulatory reform, which calls for consolidating all federal policing of banks in a new body called the Financial Institutions Regulatory Administration, or FIRA. There has been little defense of the current system, which scatters responsibility among four banking regulators.
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Posted by Editor at November 11, 2009 01:42 AM