Latest on Dodd bill
March 15, 2010 | federal legislation, industry | Comments (0)Wall Street Journal blog just updated:
Mr. Dodd’s bill would allow the Fed to examine any bank-holding company with more than $50 billion in assets, and large financial companies that aren’t banks could be lassoed into the Fed’s supervisory orbit.
One of the most controversial aspects of the plan would see the creation of an entity within the Fed responsible for protecting consumers’ financial interests, such as credit cards and mortgages. The unit would be independent within the central bank and would have its own budget and rule-making authority.
That has angered Republicans who have argued the Fed itself should retain responsibility for consumer protections, and doesn’t go far enough for many Democrats who wanted a completely new agency.
“Large payday lenders” are regulated under the bill but it’s not clear what “large” means. I will try to seek clarification over the next few days.
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