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Crooks & Thieves: Dodd Unveils Sweeping Financial Regulation Plan

The Associated Press
WASHINGTON -- A new Democrat Senate bill to tame the financial markets would give the government new powers to break up firms that threaten the economy, force the industry to pay for its failures and create a consumer watchdog within the Federal Reserve. Legislation unveiled Monday by Senate Banking Committee Chairman Chris Dodd falls shy of the ambitious restructuring of federal financial regulations envisioned by President Barack Obama or contained in legislation already passed in the House. But the 1,336-page bill, which includes provisions negotiated with Republicans, would still be the biggest overhaul of regulations since the New Deal. It comes 18 months after Wall Street's failures helped plunge the nation into a deep recession.
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Posted by Editor at March 16, 2010 02:32 AM