U.S. Sen Dodd Proposes Bold Financial Overhaul

U.S. Sen Dodd Proposes Bold Financial Overhaul - 11/10/2009

Home

Index of Filings

News and Press Releases

Filings

Decisions

Settlements

Litigation Activity Indices

Top Ten List

Annual/Quarterly Updates

Clearinghouse Research

Articles & Papers

Search

Related Sites

About Us

Local Rules

Sponsors

Register

_______________
Copyright © 2001
Stanford Law School

2009 News and Press Releases

SEARCH

News	News 2009
HEADLINES \| SETTLEMENTS AND DISMISSALS \| COURT FILINGS LINKS TO OTHER NEWS \| NEWS ARCHIVE	HEADLINES ARCHIVED SETTLEMENTS AND DISMISSALS ARCHIVED

HEADLINE NEWS:

U.S. Sen Dodd Proposes Bold Financial Overhaul
Kevin Drawbaugh

Reuters. November 10, 2009
_________________________________________________________________________

EXCERPT: The chairman of the U.S. Senate Banking Committee introduced a financial regulation reform bill on Tuesday that leaps beyond earlier proposals, calling for new government agencies on financial stability, bank supervision and financial consumer protection. Senator Christopher Dodd, a Democrat, released the bill after intense closed-door negotiations, raising the ante in a debate over tighter bank and capital market regulation that has been going on for months since last year's financial crisis. The measure was expected to win little or no support from Republicans, setting the stage for still more debate ahead, with analysts expecting no final Senate action until 2010. Dodd, who faces a tough re-election challenge next year in his home state of Connecticut, called in his bill for a new super bank regulator, as expected, to be called the Financial Institutions Regulatory Administration, or FIRA. The new agency would consolidate the bank supervisory powers of four current regulators and abolish the Office of Thrift Supervision and the Office of the Comptroller of the Currency. The Federal Deposit Insurance Corp and the Federal Reserve would lose their roles as direct bank supervisors. The Dodd bill goes further than earlier proposals from the Obama administration and one under development in the House. Both seek more modest centralization of bank supervision. Dodd's bill also calls for creating a financial stability agency. Previous proposals have focused on establishing a council of existing regulators to police systemic risks. […] The Dodd bill would establish a National Insurance Office, which would be the first attempt by the federal government to monitor the insurance industry. The House and administration proposals have taken similar approaches. As expected, Dodd's bill backs the administration's call for creating a Consumer Financial Protection Agency.

Back to News page | Back to Archived News 2009 page | Back to Top

�