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Key Senator to Unveil Dramatic Financial Regulatory Reform Plan
ABCNews -- In the wake of the worst financial crisis in generations, the battle over how to reform the system to prevent future meltdowns has fueled numerous proposals. Now, a key Senate lawmaker is set to unveil a plan that would represent a dramatic makeover of Washington's oversight structure. Next week Senate Banking Committee chairman Chris Dodd, D-Conn., is due to unveil draft legislation that would break from other prior proposals put forth by the Obama administration and House Financial Services Committee chief Barney Frank, D-Mass. Under Dodd's bill, the Federal Reserve and the Federal Deposit Insurance Corporation would lose many of their bank supervisory powers, a source in the financial industry told ABC News. In their place, a single...
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11.23.09 - Updated 6:36pm ET
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