Obama's Financial Regulation Plan Nearly Ready
By Harry Kimball,  Newser Staff
Posted Jun 1, 2009 4:46 PM CDT
AIG's New York headquarters.   (AP Photo)
camera-icon View 2 more images

(Newser) – The Obama administration is finalizing a legislative proposal that would strengthen the reach of financial regulatory agencies, the New York Times reports. The plan wouldn’t likely consolidate the four major bank regulators, which could meet with fierce opposition in Congress. “I don’t mind overlap as much as the idea of concentrating too much power in the hands of one agency,” said Sen. Chris Dodd.

 “The Department of Homeland Security makes me nervous for that very reason,” Dodd added. Rep. Barney Frank says a single agency isn’t “worth the political cost.” Though the administration is mum, it is expected that new policy would place the Securities and Exchange Commission more thoroughly in charge of financial derivatives, previously the province of the Commodity Futures Trading Commission.