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SUNDAY, NOVEMBER 22, 2009
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Dodd Declares War With Senate Bank Bill

Senator readies radical overhaul of finance regulation

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(Newser) – A Senate bill that would fundamentally change the structure of banking regulation is headed for a clash with both the House and the White House. Christopher Dodd is readying a proposal to strip the Fed and FDIC of almost all bank-supervision powers, creating in their place a new agency that would supervise all banks and bank-holding companies, the Wall Street Journal reports.

Sen Dodd's plan will have no shortage of enemies: Likely to face GOP opposition within the Senate, the proposal is also at odds with House plans to expand the role of the Fed, and is expected to draw ire from the banking industry, which opposes regulator consolidation. Fed and FDIC officials have strongly resisted bids to reduce their powers, and the White House earlier rejected merging of bank regulators as politically unrealistic.

Sen. Johnny Isakson, R-Ga., looks on at left, as Senate Banking Committee Chairman Sen. Christopher Dodd, D-Conn. gestures during a news conference on Capitol Hill in Washington, Oct. 29, 2009.
Sen. Johnny Isakson, R-Ga., looks on at left, as Senate Banking Committee Chairman Sen. Christopher Dodd, D-Conn. gestures during a news conference on Capitol Hill in Washington, Oct. 29, 2009.   (AP Photo/Harry Hamburg)
Sen. Johnny Isakson, R-Ga., left, and Senate Banking Committee Chairman Sen. Christopher Dodd, D-Conn. shake hands on Capitol Hill in Washington, Thursday, Oct. 29, 2009.
Sen. Johnny Isakson, R-Ga., left, and Senate Banking Committee Chairman Sen. Christopher Dodd, D-Conn. shake hands on Capitol Hill in Washington, Thursday, Oct. 29, 2009.   (AP Photo/Harry Hamburg)
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Ucantusethatname
Nov 5, 09 8:05 AM CST
Nice try, Chris. But you have screwed up too badly for anything you do to save your sorry a**. Reply
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BlueAyez
Nov 5, 09 8:11 AM CST
This will be an even bigger fight in congress than health care, but not as big as the upcoming fight on immigration. Reply
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+2
Face-Of-RNC
Nov 5, 09 8:23 AM CST
Anything that hurts the bastards that have been hurting me, I'm in favor of. Reply
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+1
Fondue
Nov 5, 09 8:44 AM CST
"Give me control of a nation's money and I care not who makes the laws." Mayer Amschel Rothschild Reply
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+5
Derni
Nov 5, 09 1:03 PM CST
Until we get rid of the people in WA that grease each others hands nothing will change-we need to put term limits on public service to "attempt" to stop this basic humna activity-WA is good at taking care of their own and not the pople that put them their-when will the people decide enough is enought? If you look at many of the ratings in education-health care-infant mortality-the USA scores quite low..and we should be ashamed-but we can fund wars-even if they have no purpose-so lets get the money back here and support our people and protect our boarders-stop with being big prorther and saving everyone-we can't-we can't even provide the basics for our own-or we choose not to Reply
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