Democrats introduce Senate version of reg reform
Senate Banking Committee Chairman Chris Dodd (D-Conn.) released a plan for regulatory reform that includes a single regulator for national banks, resolution authority targeting too-big-to-fail firms, a consumer financial protection agency, a systemic risk agency and provisions that close loopholes for over-the-counter derivatives, asset-backed securities, hedge funds, mortgage brokers and payday lenders. The plan would strip existing bank and credit union regulators of their consumer protection responsibilities, consolidating those duties in the new CFPA. In . . .
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