At an Impasse
The revised version of a consumer financial protection bill introduced by Senate Banking Committee Chairman Chris Dodd (D-Conn.) yesterday faced a barrage of criticism from all sides.
The bill would make the Federal Reserve responsible for bank holding companies with at least $50 billion in assets and for policing the entire financial system for risk. The federal agency would also house a new consumer financial protection bureau.
Banking associations are faulting Dodd’s bill for imposing too much regulation; consumer groups are criticizing it for imposing too little. The stalemate will likely stall the bill’s passage, political observers predict.
Click here for a USA Today article that hashes out some of the major issues in the legislation, including compensation, credit-rating agencies, and legal authority.
The bill would make the Federal Reserve responsible for bank holding companies with at least $50 billion in assets and for policing the entire financial system for risk. The federal agency would also house a new consumer financial protection bureau.
Banking associations are faulting Dodd’s bill for imposing too much regulation; consumer groups are criticizing it for imposing too little. The stalemate will likely stall the bill’s passage, political observers predict.
Click here for a USA Today article that hashes out some of the major issues in the legislation, including compensation, credit-rating agencies, and legal authority.
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