2 minutes ago 2009-12-11T23:22:43-08:00
WASHINGTON – Senate Banking Committee Chairman Christopher Dodd is circulating legislation that would give the government sweeping new powers to prevent another economic collapse, including the ability to dismantle failing institutions and increased oversight of lenders to consumers.
The proposal was expected to gain broad support among Democrats, but Republicans haven't signed on. Dodd told his colleagues last week to expect a party line vote when his committee considers the bill.
Dodd's plan, which would scale back the powers of the Federal Reserve, differs slightly from proposals by the Obama administration and by House Democrats. Dodd also would establish a single federal regulator for banks.
