Sen. Dodd unveils legislation to overhaul financial regulation

Sen. Christopher Dodd, D-Conn., chairman of the U.S. Senate banking committee, offered details about a 1,336-page bill to revamp regulation in the financial industry. The legislation, which has the support of the Obama administration, includes a more active role for Washington, D.C., in overseeing Wall Street. For example, the legislation would establish a council to monitor systemic risk and instruct the Federal Reserve to oversee the largest financial institutions, rather than only banks. The plan would also set a stricter-than-expected curb on proprietary trading and boost the profile of the municipal bond market by requiring the head of the Securities and Exchange Commission's municipal-securities office to report directly to the agency's chairman.

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