Dodd proposing single regulator to watch over Wall Street

A very big gamble from the Senator who is in for a tough reelection battle. Obama initially favored a similar plan but backed off due to a fear of Wall Street lobbyists slowing the process and then breaking it apart. It’s hard to see how much slower Washington could be but surely it’s possible. Not a bad plan and it shows that Dodd is ready to fight back against his tarnished reputation of coziness with the banking industry. Will it be enough for voters and will he win the battle in Congress? It all depends how easily other members of Congress will stand up to Wall Street. Wall Street has spread its cash around Congress so this is going to be very difficult.

The senior Senate Democrat shepherding legislation to overhaul the nation’s financial system is planning to propose the merger of four bank agencies into one super-regulator, an idea that is significantly different from what President Obama envisions.

The legislation being prepared by Senator Christopher J. Dodd of Connecticut, who heads the Senate Banking Committee, would also differ from the Obama plan by diminishing the role of the Federal Reserve as a systemwide overseer.

An American in Paris, France. BA in History & Political Science from Ohio State. Provided consulting services to US software startups, launching new business overseas that have both IPO’d and sold to well-known global software companies. Currently launching a new cloud-based startup. Full bio here.

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