UPDATE 2-Sen Dodd to build off Obama financial reform base

Thu Nov 5, 2009 10:44pm GMT
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* Dodd to call for single bank regulator -aides

* Dodd backs strong systemic risk council, consumer agency

* Treasury's Barr urges single, comprehensive reform (Adds bill details, Barr comments, background)

By Kevin Drawbaugh

WASHINGTON, Nov 5 (Reuters) - Senator Christopher Dodd, chairman of the U.S. Senate Banking Committee, will introduce a financial regulation reform bill within days based on the Obama administration's mid-June proposal, with some key differences.

Dodd is expected to depart from the Obama plan by calling for more centralization of bank supervision, a more powerful inter-agency council on systemic risk and less power for the Federal Reserve, said congressional aides and analysts.

"We will use the administration's proposal as base text," Kirstin Brost, spokeswoman for Dodd, told Reuters.

The long-awaited Dodd bill will mark a renewed push for financial reform in the Senate, which has been busy for months with healthcare reform, while the House of Representatives has moved forward on tighter bank and capital market oversight.

Dodd has been deeply involved in the healthcare debate, but he has spoken out frequently this year on financial issues and his well-known positions will be reflected in the bill.  Continued...

 
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