Retiring Sen. Chris Dodd (D-CT) unveiled his go-it-alone financial reform proposal this afternoon, after an attempt at bipartisanship fell apart last week.
The bill is neither as sweeping nor as far-reaching as some reform proponents would like — but it would still amount to a major overhaul of existing financial regulations. Among other things, the bill would put a consumer protection agency at the Fed and give the central bank new powers of oversight.
Dodd’s proposal would also create a nine-member oversight council that could place large financial institutions under Federal Reserve oversight — and even vote to break them up if they were deemed to pose a “grave threat.”
Read the whole 1,336-page document here (PDF).
Late Update: President Obama released a statement about Dodd’s plan, calling it “a strong foundation to build a safer financial system.”
