The tension builds
November 10, 2009 | federal legislation, industry | Comments (0)Senator Dodd introduces his financial regulatory reform bill today. We will let you know how it affects payday loans. From today’s Washington Post:
Building from a mid-June Obama bill, Dodd is expected to back creating a government watchdog for financial consumers; stripping the Federal Reserve of bank supervision and consumer protection duties and setting up a systemic risk regulatory council with more power than Obama has proposed.
Also, Dodd will propose that the Securities and Exchange Commission be made self-funding, or able to pay for its operations by keeping fees it collects rather than asking Congress each year for money, said a source familiar with the bill.
“We believe Dodd is likely to unveil legislation that will be much tougher than what can pass the Senate,” said policy analyst Jaret Seiberg at investment firm Concept Capital.
“That means he will have to compromise if he wants a bill consolidating regulators, establishing a Consumer Financial Protection Agency, creating systemic risk regulation, reforming credit raters, and revamping derivatives oversight,” he said.
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