Dodd’s bill
March 15, 2010 | federal legislation, industry | Comments (0)The Washington Post gives the breakdown ahead of this afternoon’s news conference:
- Shareholders of a company would get more a “say on pay” for top executives.
- A new consumer financial products regulator would be housed in the Fed Reserve, a compromise to get Republicans onboard. President Obama and liberal Democrats wanted a brand-new, stand-alone consumer financial protection agency, but Republicans opposed this idea as unnecessary bureaucracy.
- A “systemic risk council” would look to identify bubbles and other potential problems before they occur. Click here to read Dodd speaking about his plan in the Wall Street Journal.
- Legal authority would allow the government to takeover and wind-down troubled non-bank financial institutions.
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