Dodd launches financial-reform bill

Sen. Christopher Dodd, D-Conn., has unveiled his financial-reform bill, including a call to strip the Federal Reserve of its supervisory powers over banks. Under the bill, the Fed would no longer be able to offer emergency loans to individual companies and would lose all of its bank-supervision and consumer-protection powers, and the government would have a voice in how the Fed's 12 regional banks are governed. Dodd's bill differs markedly from a bill on financial reform in the House.

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