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Article: Regulators likely to oppose Dodd's bank-overhaul bill; Bold start; Legislation would take powers from Fed.(Business)
- Article from:
- The Seattle Times (Seattle, WA)
- Article date:
- November 11, 2009
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Byline: Jim Puzzanghera; Los Angeles Times
WASHINGTON -- The chairman of the Senate Banking Committee on Tuesday unveiled his version of legislation to overhaul the nation's financial regulations, which sharply differs from the Obama administration's plan by proposing the creation of a single federal banking regulatory agency and stripping significant power from the Federal Reserve.
The 1,136-page proposal by Sen. Christopher Dodd, D-Conn., is likely to be strongly opposed by the Fed and the three other bank regulatory agencies.
Dodd's legislation also further complicates White House efforts to pass an overhaul by the end of the year because it ...