Dodd’s Banking Bill Takes The Fed Down A Notch Or Two
OPS_admin | Nov 10, 2009 | Comments 0
This is not a time for timidity,” Senate Banking Committee Chairman Chris Dodd (D-Conn.) said Tuesday as he unveiled what he called a “sweeping, bold, comprehensive, long overdue” restructuring of the financial regulatory regime – one that, unlike competing proposals, limits rather than expands the powers of the Federal Reserve.
Specifically, Dodd’s bill takes away the Fed’s regulatory power in some key areas. “I really want the Federal Reserve to get back to its core enterprises,” Dodd said. “We saw over the last number of years when they took on consumer protection responsibilities and the regulation of bank holding companies, it was an abysmal failure. So the idea that we’re going to go back and expand those roles and functions at the expense of the vitality of the core functions that they’re designed to perform is going in the wrong way.”
The bill would also end the practice of allowing banks to select the directors of the regional Federal Reserve banks. That was a last-minute addition that came after the committee’s top Republican, Sen. Richard Shelby of Alabama, told HuffPost he wanted to end the conflict of interest.
Dodd’s bill is comprehensive, coming in at over 1,000 pages and tackling topics from derivatives reform to consumer financial protection.
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