U.S. Senate Banking Committee Chairman Christopher Dodd on Monday unveiled a bill to revamp U.S. financial rules that would place a consumer protection agency within the Federal Reserve and give the central bank new powers over non-bank financial firms.
Under the bill, the consumer agency would have rule-writing power and the power to enforce consumer protection rules at banks with assets of more than $10 billion, all mortgage-related businesses and large non-bank financial firms, such as insurers, a summary of the bill said.
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