WASHINGTON — Senate Banking Committee Chairman Chris Dodd on Monday released a broad outline of his regulatory reform bill, which heavily reflects input from Republicans who still say they oppose the bill.
The bill would: create an independent consumer watchdog within the Federal Reserve Board; give the central bank power over all financial firms with more than $50 billion in assets; form an interagency council to identify and address systemic risks; create a new resolution system for holding companies; and impose a host of specific requirements including higher capital and leverage standards on large firms that pose a risk to the economy.
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