The Senate Banking Committee is scheduled to begin consideration of Chairman Christopher Dodd's proposal for overhauling financial regulation at 4:00 p.m. next Monday, the committee announced today.
Dodd (D-Conn.) said he hoped to complete work on the measure before lawmakers break for recess at the end of next week but the committee's Republicans have said the process should be slowed down.
Yesterday he introduced legislation that includes creating a separate entity within the Federal Reserve to regulate consumer financial products. It would have examination authority over all credit unions and other financial institutions with assets of more than $10 billion. Its rules would apply to institutions with assets of less than $10 billion as well but they would be enforced by the safety and soundness regulator, such as the NCUA.
To read a summary of the bill, go to: http://banking.senate.gov/public/_files/FinancialReformSummary231510FINAL.pdf
To read the full bill, go to: