WRAPUP 2-Sen Dodd seeks more muscle in US financial reforms

Tue Nov 10, 2009 11:40pm GMT
 
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* Dodd's bill leaps beyond Obama, House proposals

* Proposes bank, financial stability, consumer agencies

* Industry reaction mixed on long-awaited measure (Recasts with McConnell comment, lobbyist reactions)

By Kevin Drawbaugh

WASHINGTON, Nov 10 (Reuters) - Pushing for tougher changes in U.S. financial regulations, the Senate's top banking legislator on Tuesday proposed a new super-cop to police banks, a systemic risk agency and strong consumer protections.

Senator Christopher Dodd, who is fighting for his political life back home in Connecticut, unveiled a 1,136-page bill that leaps ahead of previous, more moderate financial reform proposals.

The long-awaited Dodd bill raises the stakes in a struggle under way for more than a year now, with Democrats working to bring the outdated U.S. regulatory system into the 21st century and prevent a repeat of the capital market crisis that last year pushed the financial system to the brink of disaster.

Senate Republican Leader Mitch McConnell told reporters there were no signs yet of Republican support for the bill.  Continued...

 

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