Senate Banking Committee Democrats Release Financial Regulatory Overhaul Draft Bill
Today Senate Banking Committee Chairman Christopher Dodd and his Democratic Banking Committee colleagues released draft financial regulatory reform legislation. The new draft legislation comes as the House Financial Services Committee has yet to complete its markup of similar legislation. Today's released legislation outlines a process for the government to determine which financial companies are more stringently regulated, the regulations to be used and the inner workings with a newly created Agency for Financial Stability. Additionally, the legislation sets forth a process for winding down such financial companies. Both the Office of Thrift Supervision and Office of the Comptroller of the Currency would be eliminated under the bill and replaced by a single entity, the Financial Institutions Regulatory Administration.
Click here for the press release, click here for a summary of the draft legislation and click here for the actual draft legislation.
