Tuesday
Nov102009
Dodd Releases 'Sweeping' Financial Reform Package
Tuesday, November 10, 2009 at 2:39PM
By Travis Martinez - University of New Mexico/Talk Radio News Service
Senate Banking Committee Chairman Christopher Dodd (D-Conn.) released his version of "sweeping" financial reform on Tuesday. Dodd's proposal will restructure and create a new architecture to the financial regulatory system.
“It is the job of the Congress to restore responsibility and accountability in our financial system to give Americans the confidence that there is a system in place that works for and protects them,” said Dodd during a press conference.
The 1100-page draft would create a new independent watchdog within the proposed Consumer Financial Protection Agency. It would also allow for a single financial federal regulator whose job it would be to end “too big to fail” companies and protect businesses and individuals from systemic risks.
“Our plan will stop abusive practices by creating an independent Consumer Financial Protection Agency with one mission: standing up for consumers,” said Dodd.
While Dodd's proposal differs from those put forth by the House Financial Services Committee and the White House, it would address the substantial problems that helped cause America's financial crisis.
Dodd told reporters he hopes to move the bill through committee during the first weeks of December. In the meantime he said, he will be welcoming Republican suggestions on the legislation.
Senate Banking Committee Chairman Christopher Dodd (D-Conn.) released his version of "sweeping" financial reform on Tuesday. Dodd's proposal will restructure and create a new architecture to the financial regulatory system.
“It is the job of the Congress to restore responsibility and accountability in our financial system to give Americans the confidence that there is a system in place that works for and protects them,” said Dodd during a press conference.
The 1100-page draft would create a new independent watchdog within the proposed Consumer Financial Protection Agency. It would also allow for a single financial federal regulator whose job it would be to end “too big to fail” companies and protect businesses and individuals from systemic risks.
“Our plan will stop abusive practices by creating an independent Consumer Financial Protection Agency with one mission: standing up for consumers,” said Dodd.
While Dodd's proposal differs from those put forth by the House Financial Services Committee and the White House, it would address the substantial problems that helped cause America's financial crisis.
Dodd told reporters he hopes to move the bill through committee during the first weeks of December. In the meantime he said, he will be welcoming Republican suggestions on the legislation.
Reader Comments