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Archive for Tuesday, March 23, 2010

Senate panel passes financial regulation bill

March 23, 2010

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— The Senate banking committee voted along party lines Monday to transform the regulation of financial markets, sending another piece of far-reaching legislation to the full Senate a day after Congress approved an overhaul of the nation’s health system.

After Republicans decided to save their objections for the full Senate floor, Sen. Christopher Dodd, D-Conn, the committee chairman, pushed forward with a financial-regulation bill that sheds several compromises reached with opposition lawmakers and instead hews more closely to the blueprint advocated by the Obama administration.

In seeking to recast the rules that have long governed the financial sector, the bill would in part establish a bureau inside the Federal Reserve to protect consumers and set up a council of regulators to survey threats to the financial system. The legislation would also bring financial derivatives under government oversight and empower officials to seize the biggest financial firms if they face collapse.

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