Politics | Chris Dodd Dodd Unveils Sweeping Financial Overhaul Bill It would create new oversight agencies By Nick McMaster Posted Nov 10, 2009 2:41 PM CST Copied Senate Banking Committee Chairman Sen. Christopher Dodd, D-Conn., announces a financial reform package, Tuesday, Nov. 10, 2009, during a news conference on Capitol Hill in Washington. (AP Photo/Charles Dharapak) Chris Dodd introduced a sweeping financial regulation bill that creates no fewer than three new agencies to oversee the banking industry. Dodd’s bill creates an Agency for Financial Stability to identify systemic risks to the economy as a whole. It entrusts all bank supervision to the Financial Institutions Regulatory Administration, stripping the Fed of its oversight role and emergency-lending powers, which it used to save firms during the financial crisis. The Fed would instead focus entirely on monetary policy. Dodd’s bill also calls for a Consumer Financial Protection Agency to oversee consumer products. A House version would give the director of the CFPA wide unilateral powers, while Dodd's envisions a five-member panel—a change applauded by the financial industry. But Dodd’s bill also gives states the power to enact tougher consumer protections than the CFPA, which banks complain will lead to an messy patchwork of regulations, the Wall Street Journal reports. Read These Next Viking Cruises likes to say no. It's paid off. Angel Reese is in hot water with her own team. A pastor's dream factored in the discovery of hiker's remains. Pilot who tried to cut engines won't be going to state prison. Report an error