Rep. Christopher Dodd, D-Conn., has just unveiled a 1,000-plus page draft of a bill to overhaul the financial regulatory system.
Dodd said his bill would create an independent consumer financial protection agency whose aim would be to protect consumers.
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He called his bill “a sweeping, bold, long-overdue comprehensive financial reform package of legislation” that will help prevent the market meltdown that led to the current economic crisis.
Dodd was joined by fellow committee Democrats but no Republicans.
“I very much would like to have their input and participation in putting together this bill,” Dodd said of the GOP, which is likely to oppose the bill.
The bill would create an independent council of regulators to identify risks that the government could act upon to prevent a crisis and it would create a single banking regulator to replace the four existing ones.
Dodd said the bill is “not designed to punish the Federal Reserve, but rather to enhance their role.”
Sen. Mark Warner, D-Va., said the bill is an attempt “to put in place 21st century rules for the road,” for the financial regulatory system and “doing nothing would be a disaster.”
